" Acting in a good, trustworthy and responsible manner has brought us where we are today, and our Tax Principles are no exception to this. "
Our tax principles
At Lars Larsen Group we are guided by our family values which remain at the core of how we conduct business. Acting in a good, trustworthy and responsible manner has brought us where we are today, and our Tax Principles are no exception to this. We strive to act with integrity and uphold our reputation as a responsible corporate member of global society, contributing to the societies and people we work with while providing great offers to our customers all over the world.
Our Tax Principles are established in accordance with both our Employee Code of Conduct which sets out what is expected of everyone within Lars Larsen Group and with the selected Sustainable Development Goals which Lars Larsen Group work with, through active and responsible ownership. This includes acting ethically and consistent with statutory tax obligations in the countries we operate as well as acknowledging that taxes is vital for countries to support achievement of the Sustainable Development Goals. Our Tax Principles are anchored with the family values;
We make decisions based on sound commercial reasoning
Lars Larsen Group’s business is driven by commercial and economic reasoning. This means we place our activities and investments where they make sound commercial sense and strengthen our business.
We recognise tax as a business cost in line with all other business costs
This means that we believe tax is an important part of business decisions and for example strive to reduce double taxation.
Tax does not drive our business decisions
No activities nor investments will be structured or initiated for the sole purpose of saving tax.
We pay our fair share of tax
We acknowledge the responsibility we have to governments and societies of paying the right amount of tax in a timely manner. Therefore, we stay committed to high compliance standards which meet legal requirements.
We do not accept aggressive tax planning
Tax planning and use of tax incentives are only performed if it complies with relevant legislation and is based on a valid business purpose.
We balance our tax decisions
We strive to make tax decisions that support our business strategy, but remain responsible to the jurisdictions in which we operate and their need for sustainable tax revenues.
Open and honest dialogue and co-operation with stakeholders
We believe that open, honest and continuous dialogue is important for long-term business development and growth; this also applies to the Tax Authorities. Through good co-operation with tax authorities in the countries in which we operate, we strive to avoid disputes and build mutual trust and respect. We engage constructively in dialogue with governments and tax authorities, business groups and social societies, where we support development of effective tax systems, legislation and administration both within direct and indirect taxes.
Sustainable and long-term tax decisions
We make tax decisions based on sustainable and long-term growth, rather than with a short-term perspective.
Long-term value and growth
We will always consider the long-term effects of our tax decisions and any risks involved, while taking into account our reputation, brand, corporate and social responsibility, as well as the impact on relationships with governments.
Our responsibility as a tax payer extends to our investment activities
When acting as an investor we ensure that investment activities comply with our principles and that our partners are aware of our Tax Principles.
The Lars Larsen Group tax Principles is considered and updated annually.