Sonova's Tax Strategy for Sonova Audiological Care New Zealand Limited
In accordance with Sonova’sGlobal Code of Conduct* and Sonova’sTax Principle Statements**, the Sonova Group strives to maintain the highest standards in complying with laws, rules, regulations, reporting and disclosures requirements. This also applies for tax matters.Sonova Audiological Care New Zealand Limitedis a member of the Sonova Group. This document summarizes the tax strategy of the entire Sonova Group of companies and in particularSonova Audiological Care New Zealand Limited.
1. Commitment to Tax Compliance
Sonova Audiological Care New Zealand Limitedkeeps its financial accounts up-to-date, accurate and complete and records all business transactions fully and fairly in accordance with Sonova’s Financial Reporting and Accounting Policy.ForSonova Audiological Care New Zealand Limited, tax compliance means:- to conduct transactions with Group-internal and external business partners in a tax compliant way;
- to submit tax filings and other disclosures to tax agencies in a timely and accurate way in accordance with applicable regulations; and
- to pay all taxes due on time.
2. Tax Planning
Pursuant to Sonova’s Global Code of Conduct and Sonova’s Tax Principle Statements, Sonova Headquarters structures business transactions - including the flow of goods - based on commercial rationale and business reasoning that are in accordance with applicable tax laws and regulations.Sonova Audiological Care New Zealand Limited’soperating business is structured in compliance with applicable tax regulations. If there are multiple options which provide equivalent business solutions and which comply with all applicable laws, the most tax efficient approach is suggested provided that the tax planning initiatives do not adversely impact the reputation of the Sonova group.The Sonova Group andSonova Audiological Care New Zealand Limiteddo not make use of off-shore or other artificial structures disconnected from the actual business needs.
3. Managing of Tax Risks
Through an established system of internal accounting controls,Sonova Audiological Care New Zealand Limitedfollows applicable standards and robust internal processes and controls to identify, evaluate, manage and report tax risks.If the application of tax law is unclear, requires interpretation, or is beyondSonova Audiological Care New Zealand Limited’sinternal expertise, tax advice shall be obtained from external advisors.Sonova Audiological Care New Zealand Limitedis convinced that tax risks are best prevented by promoting tax knowledge and awareness and preventing unnecessary disputes by fostering an open and collaborative attitude towards tax authorities, government officials and other third parties. For this reason,Sonova Audiological Care New Zealand Limitedmaintains open and collaborative conduct with the tax authorities and governmental bodies.4. Relationship with Inland Revenue Department (IRD)
Sonova Audiological Care New Zealand Limitedcultivates an open, proactive and cooperative attitude towards the IRD.Sonova Audiological Care New Zealand Limitedis committed to making fair, accurate and timely disclosures in correspondence and tax returns, and to responding to queries in a timely manner and to providing all relevant information to enable tax authorities to carry out their review.*https://report.sonova.com/2021/app/uploads/2019-11-Sonova-Code-of-Conduct.pdf** https://report.sonova.com/2020/app/uploads/2019-02-Sonova-Tax-Principles.pdf