Weybourne Group – Tax Policy Statement
Policy Statement: This Policy sets out the broad principles and key practices of Weybourne Group’s tax governance and tax risks management.
Weybourne Holdings Pte Ltd and its subsidiaries (the “Weybourne Group”) operate across the world. The Weybourne Group is headquartered in Singapore. Its main operation is Dyson Holdings Pte Ltd and its subsidiaries (the “Dyson Group”) whose principal activity is the development of new technology and the manufacture and sale of products incorporating that technology. The Weybourne Group also includes Dyson Farming Ltd, which owns and farms land in the UK. In addition, Weybourne Holdings Pte Ltd operates an ancillary financial investment and commercial property business. The Weybourne Group is subject to tax across a number of countries and under different tax regimes, including Singapore.
The Weybourne Group also has a Tax Policy which provides a comprehensive framework to ensure tax compliance and protect the Weybourne Group from any financial, reputational, operational, or legal risk. It is designed to help all employees understand the tax risks involved and how best to protect the Weybourne Group from them.
The Weybourne Group has a zero tolerance towards tax evasion and the criminal facilitation of tax evasion. In addition, the Weybourne Group ensures compliance with all tax law requirements.
The Weybourne Group interprets tax laws in the way it believes they were intended to apply and does not seek to use the tax laws in a contrived manner.
In cross-border matters, the Weybourne Group follows the terms of double tax treaties and relevant OECD guidelines in dealing with matters such as transfer pricing and establishing taxable presence.
Compliance with Tax Laws
The Weybourne Group endeavors to comply with the relevant tax laws and regulations in tax jurisdictions we operate in.
The Weybourne Group ensures that the business activities and transactions are driven by genuine commercial and economic activities, ensuring full compliance with all applicable local statutory tax obligations. At the same time, the Weybourne Group ensures that regular policies will be updated to reflect changes in tax laws.
The Weybourne Group also ensures that its tax function and relevant finance and business unit teams have access to relevant tax updates and trainings.
Governance Structure for Managing Tax Risks
The Weybourne Group has an existing formalised governance structure for tax risk management, of which:-
• The board of Weybourne Holdings Pte Ltd (the “Board”), supported by the Audit Committee of Weybourne Holdings Pte Ltd (the “Audit Committee”), is responsible for overseeing the Weybourne Group’s risk management and defining the tax risk appetite. The Board approves Weybourne Group’s overall tax governance strategy;
• The Audit Committee will conduct annual reviews and notify the Board of any significant changes made in the Tax Policy during board meetings; and • The Weybourne Group’s Chief Financial Officer (“the CFO”), supported by the internal tax function, is responsible for overseeing the Weybourne Group’s tax affairs, including producing timely, accurate and reliable tax returns and paying all taxes due.
• The internal tax function is responsible for day-to-day management of the Weybourne Group’s tax operations, and is responsible for managing relationships with revenue authorities and external tax advisors.
Where necessary, the Weybourne Group will engage the service of external advisors when specialist expertise is required or when the Weybourne Group wishes to seek advice on the tax position of a particular matter.
Relationship with Tax Authorities
The Weybourne Group is committed to maintaining open, transparent, and professional relationships with tax authorities, built on trust and mutual respect, and seeks to achieve certainty on a real-time basis, and early agreement, where possible.
Where the Weybourne Group and tax authorities have differing opinions on tax treatments, the Weybourne Group will seek to proactively engage with the relevant tax authorities to seek a resolution as promptly as possible. By working with the tax authorities, where possible in real-time through an open relationship, the Weybourne Group increases certainty over its tax affairs.
To support our commitment to compliance, the Weybourne Group conducts regular reviews and self-assessment programmes of tax positions. The Weybourne Group is dedicated to making accurate, complete, and timely disclosures in all jurisdictions where the Weybourne Group operate.
