Integrity and responsible social governance are important to Visma. We strive to comply with tax rules and regulations in the countries where we operate. The Group tax strategy is outlined below in compliance with UK requirements for publication of tax strategy and applies to the Visma Group and its subsidiaries globally.
Visma aims to comply with tax law and practice in the countries where the group operates. Visma operate a decentralized structure where legal units in each country have the day-to-day responsibility for tax, hereunder contact with relevant tax authorities. In certain countries where the group operates several entities, the Group may have a country finance manager to assist the local subsidiaries. Visma will meet local tax authorities, such as the HMRC in the UK, with an attitude of constructive dialogue and transparency.
With operations across several countries, the Visma group is exposed to tax risk, ranging from tax compliance risk to reputational risk. The group accepts that not all risk can be fully mitigated and will manage tax risk in a similar way manner as any other operational risk by seeking to identify, monitor and manage risks as applicable. Group and division finance resources work together with local management on this. From time to time, the Group may have a different view from tax authorities on the appropriate tax treatment in any given case. In such instances, we will proactively attempt to reach a resolution through constructive dialogue before considering litigation.
Visma acknowledges a responsibility to pay an appropriate amount of tax in the countries where the Group operates. The Group will aim to balance this with the responsibility to our shareholders to structure the Group’s operations in an efficient manner. Tax regulations and tax incentives may be one of several economic factors taken into consideration when structuring our operations. In certain instances where there is significant uncertainty or complexity involved, this may involve considering external advice. Visma will not engage in tax planning that the Group considers contrived or artificial.