In compliance with section 161 and section 19(2) of schedule 19 Finance Act
2016, the company is publishing its tax strategy for the year ending 31
January 2018. This document, approved by the Board of Verint Technology UK Limited, sets out Verint Group’s policy and approach to conducting its tax affairs and dealing with tax risk, and is made available to all Verint Group’s stakeholders. As the head company of the UK sub-group, we confirm that this strategy will apply to the following UK companies:
Our business has a strong focus on corporate responsibility, and we see responsible administration and payment of taxation as a responsibility of our business.
Our overall group tax strategy is to:
We want our tax affairs to be compliant with tax legislation, and recognise that managing tax compliance is increasingly complex. Our internal structure is set up to ensure adequate dialogue between the Board and those individuals tasked with the operation of our finance function regarding the way our business manages its tax risk.
We keep under review how we meet our tax obligations, by seeking external tax advice, investing in tax training for our staff and also how we manage our relationship with tax authorities.
We undertake tax planning as part of our overall business strategy. Professional advice is sought on a transactional basis, with the depth of such advice being driven by our assessment of the risk presented by each opportunity. We have a responsibility to minimise our tax risk and our exposure to negative publicity through non-compliance.
The Board sees compliance with tax legislation as key to managing our tax risk. We understand the importance of tax in the wider context of business decisions and have processes in place to ensure tax is considered as part of our decision making process.
We have relationships with professional advisers that allow us to seek expert advice on specialist areas of tax. Our approach is to ensure we are compliant and understand our responsibilities with regards to tax.
The Board is conscious of the hugely negative publicity attracted by a bad attitude towards tax, and sees strong internal processes and a good relationship with our professional advisors as the best way to manage this reputational risk.
Verint is committed to the principles of openness and transparency in its approach to dealing with tax authorities wherever we operate around the world. All dealings with the tax authorities and other relevant bodies will be conducted in a collaborative, courteous and timely manner. Our communication with HMRC is focused around timely tax compliance, for example meeting relevant filing and payment deadlines for taxes the company pays.
We employ the services of professional tax advisers to act as our agents, and in a number of cases they liaise with HMRC on our behalf. This is seen by the Board as a way to ensure we get the most out of our relationship with HMRC, thus reducing our tax risk.