Tax Compliance Policy

Effective: 1 July 2017

Overview

The Toll Way is the underpinning foundation of this policy; guiding our decisions and actions. One of our core beliefs is that we must always act ethically and within the law. This policy sets out Toll’s commitment to managing our global tax obligations.

The role of Group Tax is to ensure Toll’s global operations are managing their tax compliance obligations in an appropriate and a timely manner.

Scope

This policy applies to all Toll companies and operations.

Principles

The following objectives underpin the Group tax policy and overall tax risk management strategy:

  • We acknowledge our global responsibility as part of the Japan Post Group to be a good corporate citizen and therefore, in seeking to protect and enhance shareholder wealth, we are committed to ensuring Toll pays the legally correct amount of tax.
  • We are committed to being transparent and accountable and also to engage in constructive dialogue with Tax Authorities.
  • We manage our tax risks using a tax risk management framework endorsed by the Audit & Risk Committee (“ARC”). This framework documents the group’s tax risk management strategy, processes and procedures.
  • Independent external tax advice commissioned by Group Tax, and approvals or rulings from Tax Authorities, are sought, as appropriate, in relation to the application of any significant tax laws that are uncertain and also in respect of material transactions.
  • Any proposed tax management or planning activity must be notified to Group Tax (at a divisional and/or group head office level) and the Chief Financial Officer (CFO) for approval prior to implementation to ensure that the proposal satisfies Toll’s tax risk management appetite as endorsed by the ARC.
  • All Toll businesses around the world, with the support of Group Tax, are responsible and accountable for:
    • Meeting their local country tax obligations (direct and indirect taxes) and embracing a ‘lodge on time, all the time’ policy.
    • Complying with the Toll group directives in relation to continuous tax reporting improvement.
    • Providing bi-annual tax information and data via the Global Tax Management system that provides a real time repository of important group wide taxation information including each entity’s tax status/profile.
    • Advising Group Tax (at a divisional and/or group head office level) and the CFO as soon as possible of any tax audits, reviews and/or investigations.

All suspected breaches will be investigated and appropriate disciplinary and remedial action taken.

Employees who do not strictly comply with this Policy will face disciplinary action, including counselling, formal warnings and dismissal.

Further Information

For further information contact your Divisional Tax Manager or the Group General Manager – Taxation.