Tax Transparency
IPL is committed to high standards of corporate governance for the benefit of its various stakeholder groups. Since IPL’s listing on the Australian Securities Exchange (ASX) in July 2003, the Board has implemented and operates in accordance with a set of corporate governance principles which are fundamental to the Company’s continued growth and success.
IPL’s tax governance framework, which is reviewed by the Board Audit Risk Committee (BARC) and approved by the IPL Board, provides the foundation by which taxes are managed within the IPL group. It defines our strategy and risk management approach as well as how we comply with our tax obligations within our businesses at an operational level.
The following governance parameters must be considered in relation to all taxation activities:
- All applicable laws and regulations relating to taxation must be adhered to.
- IPL’s tax planning supports our business and reflects commercial and economic activity. We do not engage in artificial tax arrangements.
- IPL aims to develop and foster constructive working relationships with tax authorities and will be transparent in providing full and timely disclosure to tax authorities.
In adopting a taxation position, IPL must take into consideration the potential impact on shareholder value, its market reputation and the impact of possible penalties imposed by the relevant Authorities (including revenue authorities and other regulators where appropriate).
The Chief Financial Officer has oversight responsibility over the tax risk management framework. Operational and governance responsibility for the execution of the Group’s tax strategy rests with the Group Tax Manager, who is supported by a team of tax professionals and external tax expertise where required.
Our approach to tax is underpinned by our Code of Conduct and is embodied in our global tax principles.