Novozymes position: Tax
We continuously work to fulfill our tax obligations in the countries where we operate.We seek to obtain a competitive tax level in a fair and responsible way, and with full regard to national and international laws and regulations.
We appreciate the need for maintaining a stakeholder dialogue on tax matters.
To meet our objectives:
We follow national and international tax laws as well as the OECD guidelines on transfer pricing
We work with tax risk management to handle financial and reputational risk
We work to obtain a competitive tax level given the scope of our commercial operations and governmental tax incentives
We seek good relationship with tax authorities to ensure compliance and to minimize risk of disagreements and double taxation
We proactively engage in bilateral tax agreements to increase predictability
We seek dialogue and openly and honestly communicate on tax with the aim of giving our stakeholders relevant insight to understand our financial results. As for other business information, communication needs to be balanced with respect to confidentiality
It is important for Novozymes to make a positive contribution in the countries where we operate. Besides taxes, our economic contributions consist of duties, VAT, employee taxes, employee pension and benefit programs, procurement from local vendors and development of workforce, among others.