Taxation
Our purpose is to create a safe and liveable world by unlocking insights from Geo-data. Sustainability is essential to achieving our purpose. This means balancing short- and long-term stakeholder interests while integrating environmental, social, and governance (ESG) factors into our operations.
We create value through the services we provide and by being a good employer and responsible company. Our tax contribution is part of our broader value distribution to society, covering wages, interest, and dividends. In the value creation process, tax is one of the financial outcomes. Simultaneously tax plays a role in the input to our value creation process, by contributing to sustainability through R&D grants and green subsidies.
In this context, we believe that tax is more than a cost of doing business – it is part of the contribution to the countries in which we operate.
8 global tax principles
To align our tax strategy with our purpose and company values, we have defined 8 global tax principles. These illustrate our commitment to good corporate practice to tax (risk) management and transparency. They also help us balance the interests of various stakeholders, including clients, investors and the governments and communities in the countries in which we operate.
1. A true business partner
The tax function within Fugro supports the company by adding value from a tax perspective, thus helping the company in achieving its business strategy and corresponding financial objectives. This support takes place within the boundaries of legal and tax frameworks.
2. Compliance
Fugro will seek to act in accordance with global tax laws, disclosure requirements and fiscal obligations. We aim to comply with the spirit as well as the letter of the law.
Fugro invests in people, technology, and execution excellence. This includes the tax function, where specialists apply advanced software to automate tax compliance, ensure accurate reporting and manage the impact of complex tax regulations.
3. Corporate social responsibility
Fugro recognises that tax is both an integral part of doing business as well as a contribution to society; this is a fundamental part of our corporate social responsibility towards a wide range of stakeholders.
4. Reputation
Fugro ensures that the reputation of the group is considered when managing its tax affairs.
5. Relationships with governments and tax authorities
Fugro will continue to develop and maintain appropriate professional relationships with tax authorities by complying with fiscal reporting requirements and responding to enquiries in a complete, transparent and timely manner.
6. Business decisions
With the significant nature of global operations, the tax function within Fugro ensures support and value to the business by providing timely and up to date tax advice such that commercial decisions can be made whilst understanding the tax risks and costs.
7. Financial statements
Fugro will ensure that the tax consequences of company transactions are correctly reflected in the financial statements.
8. Structure
Fugro manages its tax affairs, including the optimisation thereof, in ways that have operational, commercial and legal substance and thus follow the real business structures of the group.
Tax strategy
In our Tax Strategy we detail the group’s strategic tax objectives. This strategy is reviewed every year.
The Global Tax Strategy and Tax Principles form the basis of the UK group’s tax strategy. This is a stand-alone document that details the Fugro UK Group’s approach to tax. And its compliance with the UK legislative requirements. The strategy applies to all companies in the UK Group. It is reviewed annually.
What we do at Fugro
The more you know, the smaller the risk