PTMARRY places a strong emphasis on integrity and ethical practices, ensuring that your business operations align with high standards of fairness and authenticity. If you need assistance with anything related to your company’s principles, values, or ensuring compliance with ethical standards, feel free to ask. I can help with drafting policies, creating communication materials, or anything else you might need.
The Program aims to verify that all employees and PTMARRY-operated sites comply with international standards and local legislation, as well as our own Corporate Business Principles and our Code of Business Conduct.
CARE has been in place since 2005, reviewing all operational sites for business integrity every three years, using an ‘assess, address and report’ approach. External auditors (Bureau Veritas, Intertek, LRQA and SGS) assess compliance with our Corporate Business Principles against seven pillars:
Conditions of work and employment
Business integrity
Safety and health
Environmental sustainability
Security
Local communities
Labor accommodation
The review criteria are based on well-established social auditing methodologies and include requirements specific to Nestlé. The wide range of topics spans accommodation for on-site workers, forced labor and responsible recruitment, and verification of child and young worker labor.
We publish the results and number of audits performed as part of PTMARRYS Creating Shared Value and Sustainability Report.
The Program aims to verify that all employees and PTMARRY-operated sites comply with international standards and local legislation, as well as our own Corporate Business Principles and our Code of Business Conduct.
CARE has been in place since 2005, reviewing all operational sites for business integrity every three years, using an ‘assess, address and report’ approach. External auditors (Bureau Veritas, Intertek, LRQA and SGS) assess compliance with our Corporate Business Principles against seven pillars:
Conditions of work and employment
Business integrity
Safety and health
Environmental sustainability
Security
Local communities
Labor accommodation
The review criteria are based on well-established social auditing methodologies and include requirements specific to Nestlé. The wide range of topics spans accommodation for on-site workers, forced labor and responsible recruitment, and verification of child and young worker labor.
We publish the results and number of audits performed as part of PTMARRYS Creating Shared Value and Sustainability Report.
Verifying healthy, safe and ethical working conditions
Good practice in tax management and strategy involves a combination of compliance, transparency, and long-term planning. Here are key aspects of good practice:
1. Compliance and Adherence to Tax Laws
- Timely Filing: Ensure that all tax returns and payments are submitted on time, in line with local tax laws and international guidelines.
- Accurate Documentation: Maintain clear and accurate records of financial transactions, invoices, and other relevant documents for proper tax reporting and auditing.
2. Effective Tax Planning
- Proactive Strategy: Develop a tax strategy that aligns with the organization’s overall business goals and growth strategy while minimizing tax liability.
- Leverage Tax Incentives: Identify and utilize tax incentives, credits, and exemptions offered by governments, such as R&D tax credits, or deductions for green investments.
- Transfer Pricing: Implement a transfer pricing policy that reflects arm’s length principles to comply with international regulations.
3. Transparency and Ethical Practices
- Clear Communication: Regularly communicate the company’s tax strategy, policies, and compliance status to stakeholders, ensuring full transparency.
- Ethical Tax Behavior: Avoid aggressive tax planning strategies that may be perceived as tax avoidance or evasion. Instead, focus on legitimate tax-saving strategies that adhere to both the letter and spirit of the law.
4. Risk Management
- Tax Risk Assessment: Regularly evaluate and assess the risk exposure to tax authorities and changing tax laws.
- Documented Risk Strategy: Maintain a comprehensive tax risk management framework, detailing how risks will be mitigated and managed, particularly for international operations.
5. Internal Controls and Audit Readiness
- Regular Reviews: Conduct regular internal audits and reviews of tax positions and strategies to ensure compliance.
- External Audit: Collaborate with external auditors and tax advisors to validate and optimize the tax position and minimize any potential risks from tax authorities.
6. Engagement with Tax Authorities
- Open Dialogue: Establish a cooperative relationship with tax authorities to clarify any doubts or resolve potential disputes early on.
- Advance Rulings: In complex cases, seek advance rulings or clarifications from tax authorities to ensure that the company’s tax position is clearly understood.
7. Use of Technology
- Tax Automation: Invest in tax software and technology that automates tax calculations, filings, and reporting, ensuring accuracy and efficiency.
- Data Analytics: Use data analytics to assess and monitor tax positions, trends, and potential risks.
8. Sustainability and Environmental Tax Planning
- Green Tax Strategy: Integrate tax incentives for sustainable and environmentally friendly practices into the tax strategy, including carbon tax credits or tax benefits for using renewable energy.
- Environmental Compliance: Ensure compliance with environmental taxes and incentives that may apply in various regions.
By incorporating these practices, a company can effectively manage its tax strategy, minimize risk, and ensure compliance while contributing to ethical business practices and long-term growth.
TAXATION
Good practice in tax management and strategy involves a combination of compliance, transparency, and long-term planning. Here are key aspects of good practice:
1. Compliance and Adherence to Tax Laws
- Timely Filing: Ensure that all tax returns and payments are submitted on time, in line with local tax laws and international guidelines.
- Accurate Documentation: Maintain clear and accurate records of financial transactions, invoices, and other relevant documents for proper tax reporting and auditing.
2. Effective Tax Planning
- Proactive Strategy: Develop a tax strategy that aligns with the organization’s overall business goals and growth strategy while minimizing tax liability.
- Leverage Tax Incentives: Identify and utilize tax incentives, credits, and exemptions offered by governments, such as R&D tax credits, or deductions for green investments.
- Transfer Pricing: Implement a transfer pricing policy that reflects arm’s length principles to comply with international regulations.
3. Transparency and Ethical Practices
- Clear Communication: Regularly communicate the company’s tax strategy, policies, and compliance status to stakeholders, ensuring full transparency.
- Ethical Tax Behavior: Avoid aggressive tax planning strategies that may be perceived as tax avoidance or evasion. Instead, focus on legitimate tax-saving strategies that adhere to both the letter and spirit of the law.
4. Risk Management
- Tax Risk Assessment: Regularly evaluate and assess the risk exposure to tax authorities and changing tax laws.
- Documented Risk Strategy: Maintain a comprehensive tax risk management framework, detailing how risks will be mitigated and managed, particularly for international operations.
5. Internal Controls and Audit Readiness
- Regular Reviews: Conduct regular internal audits and reviews of tax positions and strategies to ensure compliance.
- External Audit: Collaborate with external auditors and tax advisors to validate and optimize the tax position and minimize any potential risks from tax authorities.
6. Engagement with Tax Authorities
- Open Dialogue: Establish a cooperative relationship with tax authorities to clarify any doubts or resolve potential disputes early on.
- Advance Rulings: In complex cases, seek advance rulings or clarifications from tax authorities to ensure that the company’s tax position is clearly understood.
7. Use of Technology
- Tax Automation: Invest in tax software and technology that automates tax calculations, filings, and reporting, ensuring accuracy and efficiency.
- Data Analytics: Use data analytics to assess and monitor tax positions, trends, and potential risks.
8. Sustainability and Environmental Tax Planning
- Green Tax Strategy: Integrate tax incentives for sustainable and environmentally friendly practices into the tax strategy, including carbon tax credits or tax benefits for using renewable energy.
- Environmental Compliance: Ensure compliance with environmental taxes and incentives that may apply in various regions.
By incorporating these practices, a company can effectively manage its tax strategy, minimize risk, and ensure compliance while contributing to ethical business practices and long-term growth.
