Aetheria Group Tax Strategy
Updated on Jun, 2024
Introduction
Aetheria Group is a premier provider in insourcing, outsourcing, homecare, and staffing solutions with an expansive international presence. Our multifaceted operations span across the United Kingdom, the United States, Pakistan, and India, each with a tailored approach that draws upon deep-seated expertise in diverse sectors. At the heart of Aetheria Group's mission is a profound commitment to positively influencing lives globally, providing accessible and impactful solutions that not only propel client success but also nurture human potential.
This document articulates Aetheria Group's tax strategy, detailing our stance and methodologies in managing our tax obligations across the jurisdictions we operate within. Our strategy is predicated on a bedrock of corporate and social responsibility, ensuring that we align with the interests of our employees, stakeholders, clients, and candidates.
In accordance with the UK Finance Act 2016, Schedule 19, India's Income-tax Act, 1961, Pakistan's Income Tax Ordinance, 2001, and the United States Internal Revenue Code, this strategy has been sanctioned by the Board and undergoes an annual review process.
Approach to Tax Compliance and Risk Management
Our approach is grounded in strict compliance with both the letter and the spirit of tax laws in every country we operate. Our overarching aim is to ensure accurate tax payments, timely and in their rightful jurisdictions. To mitigate the risk of non-compliance or misstatement, we have instituted a robust system of controls and risk management processes.
We are staunchly opposed to tax evasion and any form of planning that contravenes the intended effect of tax legislation. Our tax planning strategies are designed to uphold the integrity of our business practices and support our commercial activities.
Governance and Oversight
The stewardship of tax matters within Aetheria Group falls under the purview of the Chief Financial Officer (CFO), who holds executive responsibility. The CFO is tasked with ensuring that the Group maintains and adheres to appropriate tax accounting arrangements, thereby fulfilling our tax compliance obligations.
We uphold our tax accounting standards through:
- Persistent dialogue with our finance team and other pertinent operational personnel to remain abreast of any significant business changes.
- Involvement in the financial and tax aspects of all acquisitions, including the examination of due diligence reports.
- Keeping a vigilant eye on legislative changes in tax law.
- Engaging with esteemed external tax advisors when necessary.
Tax matters are also encapsulated within the Board's remit, which includes monitoring the efficacy of internal financial controls and overseeing both internal and external financial risks.
Tax Planning and Acceptable Levels of Risk
Aetheria Group understands the imperative of business operations planning in adherence to all tax obligations. It is our policy to anticipate and address the tax implications of significant transactions.
While the Group takes a prudent approach to tax planning, we recognise that tax-related risks are inherent due to the complex and evolving nature of tax laws, potential divergences in legal interpretations, and the sheer breadth of taxes affecting our operations. Such risks are managed as described, with external advice sought in scenarios of uncertainty or complexity.
Engagement with Tax Authorities
The Group fosters a proactive, constructive engagement with tax authorities, including the Internal Revenue Service (IRS) in the US, His Majesty's Revenue and Customs (HMRC) in the UK, the Federal Board of Revenue (FBR) in Pakistan, and the Central Board of Direct Taxes (CBDT) in India. Our ethos is to maintain an open, transparent, and collaborative relationship, ensuring:
- Proactive engagement and professional communication.
- Fair, accurate, and timely disclosures.
- A cooperative approach to resolving any contentious issues or interpretations in a constructive and timely manner.
This strategy has been ratified by the Board of Aetheria Group Ltd on the 9th of November 2023, for the Financial Year 2024.
