Tax Strategy

Beiersdorf stands for reliable brands with high quality standards. Acting responsibly is an inherent part of our corporate culture and the basis of trust that customers, consumers and shareholders bestow upon us daily. Further, all activities must be in line with the corporate Code of Conduct and the Core Principles of Beiersdorf Finance.

This strategy applies to the UK entities of the Beiersdorf AG Group and we regard this publication as complying with Part 2 of Schedule 19 of the 2016 Finance Act. This tax strategy covers the year ended 31 December 2022.

Good corporate governance is a high priority at Beiersdorf and shapes the attitude we take in arranging our tax affairs. Close cooperation between the UK entities of the Beiersdorf AG Group and headquarters, as well as the UK entities of the ultimate parent company maxingvest ag, open corporate communication, proper accounting and auditing, and responsible risk management provide the basis of the Company’s tax procedures.

We consider governance of our tax affairs to be an ongoing and evolving process which we continue to track carefully in order to adapt to future developments.

It is local management’s responsibility to ensure tax compliance and to implement and enforce robust tax procedures. We are committed to paying the right amount of tax and disclosing all relevant facts and circumstances to the tax authorities. We do not undertake tax planning designed to artificially shift profits away from the underlying business activity.

The trust of consumers and employees, our business partners as well as our shareholders is the basis for our success. Compliance is an indispensable foundation for this trust and our basis for sustainable growth.

Risk management is an integral part of central and local procedures. Our management and control processes conform to consistent standards across the Group in order to identify tax risk and capture those risks in a structured manner.

The Executive Board of Beiersdorf AG is responsible for ensuring adequate tax risk management and tax risk control for the Beiersdorf Group, and works to ensure that Group companies abide by internal corporate guidelines. The Executive Board are advised and supervised by the Finance Committee who monitor corporate policy regarding tax and other finance areas.

Tax transparency and documentation are key to compliance. We communicate openly and trustfully with our stakeholders and all required statutory authorities.

We maintain a professional and transparent relationship with HMRC, whereby information is submitted freely and in a spirit of cooperative compliance. Adequate accounting records to support and explain our tax position are maintained to enable the company to comply with any necessary disclosures.