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Governing law and jurisdiction
IRIS WORLDWIDE’S tax strategy
1.1 ABOUT IRIS
Iris Worldwide is a global brand participation agency. We aim to be the most inspiring and innovative agency network on the planet.
Iris is part of Cheil Worldwide, the world’s 15th biggest agency company, allowing us an extensive global reach, whilst maintaining the ability to operate as an independent agency.
The Iris Group has the following active UK incorporated tax resident subsidiary companies:
Iris Worldwide Holdings Limited
Iris Nation Worldwide Limited
Iris London Limited
Iris Ventures 1 Limited
Iris Culture Limited
Concise Consultants Limited
Iris Korea Limited
Iris Ventures (Worldwide) Limited
Iris Partners LLP
Founded Partners Limited
Pricing Solutions (UK) Limited
The Elephant Room Limited
1.2 TAX SCOPE
Our business activities worldwide generate a variety of taxes, both abroad and in the UK. The purpose of this Tax Strategy is to communicate iris’ management of taxes in the UK and our overall commitment and transparency to tax across the Group.
We pay various direct taxes and indirect taxes including, but not limited to: corporate income taxes, employment taxes, withholding taxes and value added taxes.
1.3 IRIS’ COMMITMENT
Iris is committed to complying with local and global tax laws and regulations. We believe in global transparency in all aspects of tax reporting and compliance in the countries and tax jurisdictions in which we operate. We have a clear Group-wide tax approach which we apply globally in line with our core business commitments, and is one which we believe is crucial to our continued international growth.
Our tax strategy approach will be regularly reviewed to ensure that the assessed level of tax risk remains appropriate for the business activities. Any updates to our tax strategy approach will be reviewed and approved by the Board of Directors, including the Chief Financial Officer.
2 TAX RISK MANAGEMENT
2.1 RISK ASSESSMENT
Iris have a low risk attitude in relation to tax matters. We identify and assess tax matters in line with our business operations and make tax decisions accordingly.
Identification, assessment and regular monitoring of tax risks are undertaken by the global Group Finance Team within the UK Finance Department, overseen by the Chief Financial Officer.
2.2. RISK MANAGEMENT
The Group Finance Team ensure that appropriate policies and procedures are in place to mitigate identified tax risks and that global tax compliance is adhered to. This approach is constantly optimising and evolving to meet changes in regulation and to ensure that tax risks are minimised. Equally, we aim to ensure that the business understands the Group Finance Team’s tax objectives of minimising our exposure to tax risks and how we seek to achieve this.
The Group Finance Team work closely with the Finance Heads of each subsidiary to ensure understanding of our identified tax risks and compliance with all regulations. We subsequently monitor our global tax risks and associated tax controls very closely to ensure our tax obligations are met, both responsibly and legally.
Each tax risk is identified and measured on a balanced approach when considering how best to manage the risk in the most tax efficient manner whilst always ensuring compliance with all relevant laws.
Iris always consider the wider group business as part of its decision-making process, and the level of risk which is ultimately accepted by the business will continue to be re-assessed and evaluated regularly.
3 TAX PLANNING AND GOVERNANCE
3.1 TAX PLANNING
Iris engage in tax planning that we believe is appropriate to support the size of our business and which reflects our current business objectives. This is undertaken by the Group Finance Team and reviewed by the Chief Financial Officer. We also regularly draw on the advice of specialist tax advisors to assist in our tax planning.
Iris’ tax planning considers the following parameters when making assessments:
- Commercial purpose – tax transactions must be commercial feasible and not hinder commercial success;
- Financial purpose – cash flow is considered to maintain and positive inflow as a results of efficient tax planning;
- Statutory purpose – profitability is considered to maintain a positive impact on profits as a result of successful tax planning; and
- Brand purpose – Iris’ reputation is considered when undertaking tax planning to limit potential negative exposure.
3.2 TAX GOVERNANCE
All tax planning initiatives are reviewed by the Chief Financial Officer, an appropriate independent external tax advisor and where necessary, depending on the nature of the transaction, an independent external lawyer.
The Chief Financial Officer is ultimately responsible for ensuring that the policies and procedures in place surrounding tax risks, planning and compliance are met and adhered to globally.
Those responsible for approving tax planning are chartered accountants, and therefore are deemed responsible and competent in making such decisions.
4.1 TRANSFER PRICING
Global business and transactions gives rise to an elevated risk of under-priced services across group subsidiaries. As part of Iris’ tax risk assessments and implementation of tax risk mitigation, we ensure that all transactions are undertaken on an arm’s length basis, and that there is no artificial reduction in profits in high-tax countries.
This is reviewed on a monthly basis, and forms part of our audited annual financial statements.
4.2 BUSINESS TRANSPARENCY
Iris are fully committed to operating its business in an open and fair manner. We aim to increase our understanding of tax systems by doing so.
5 RELATIONSHIPS WITH GOVERNMENT
Iris engages openly with all tax authorities and in all relevant jurisdictions in which the business operates. Through our tax work we ensure that we adhere to all laws and regulations and work collaboratively with the tax authorities to achieve this outcome.
In particular, in the UK the Group maintains an open and honest relationship with HMRC in relation to all our tax dealings.
6 FURTHER INFORMATION
This Tax Strategy publication relates to 2017 and was last approved on 02/11/2017. It has been independently reviewed by an external tax advisor, and will continue to be reviewed and revised on a regular basis where required.