Effective Date: June 17, 2024
1. Introduction
Beexco LLC ("Beexco" or "the Company") is committed to conducting its business in a responsible and transparent manner, including managing our tax affairs. Our business operations span the globe, selling oil and gas, rebar, and cement. This tax strategy statement outlines our approach to managing and complying with tax obligations in the United States and internationally.
2. Tax Compliance and Reporting
- Compliance with Laws and Regulations: Beexco is dedicated to full compliance with all relevant tax laws, regulations, and reporting requirements in the United States and in all jurisdictions where we operate.
- Accurate Reporting: We ensure that all tax returns, payments, and reports are completed accurately and submitted on time. We maintain robust internal controls and systems to achieve this.
- Transparency: We are committed to transparent reporting and disclosure of our tax affairs in our financial statements and to tax authorities as required.
3. Tax Planning
- Commercial Substance: All tax planning is aligned with our commercial activities and operations. We do not engage in aggressive tax planning or artificial arrangements purely for tax benefits.
- Efficiency: We seek to structure our operations efficiently, leveraging available tax incentives and reliefs to support our business growth while ensuring compliance with the law.
- Global Operations: In managing our global operations, we consider the tax implications of cross-border transactions and strive to manage our worldwide tax burden effectively.
4. Risk Management
- Risk Identification: We proactively identify, assess, and manage tax risks associated with our business operations. This includes regular reviews and audits of our tax processes and systems.
- External Advice: We seek external tax advice when necessary to ensure compliance and to manage complex tax issues effectively. This includes consulting with tax advisors on significant transactions and changes in tax legislation.
- Internal Controls: Our tax risk management is supported by strong internal controls, regular training for our finance and tax teams, and periodic reviews of our tax policies and procedures.
5. Relationship with Tax Authorities
- Open Dialogue: We maintain an open, transparent, and cooperative relationship with tax authorities in all jurisdictions where we operate.
- Resolution of Disputes: In the event of a disagreement or dispute with tax authorities, we seek to resolve matters promptly and respectfully, based on facts and applicable law.
- Voluntary Disclosure: Where errors or omissions in tax filings are identified, we promptly disclose and rectify them with the relevant tax authorities.
6. Governance and Oversight
- Board Responsibility: The Beexco Board of Directors has ultimate responsibility for the Company’s tax strategy and compliance. The Board reviews and approves the tax strategy annually.
- Senior Management Role: Senior management, including the Chief Financial Officer and the Head of Tax, are responsible for implementing the tax strategy and ensuring day-to-day tax compliance.
- Review and Update: Our tax strategy is reviewed periodically to ensure it remains aligned with our business objectives, changes in tax laws, and best practices in tax governance.
7. Ethical Standards
- Integrity: Beexco conducts its tax affairs with integrity, ensuring that all tax positions taken are justifiable and reflect our commitment to ethical business practices.
- Corporate Responsibility: We recognize our social responsibility and contribute to the communities where we operate by complying with tax laws and contributing to public finances.
This tax strategy statement reflects Beexco LLC’s commitment to responsible tax management and compliance. We strive to maintain the highest standards of tax governance and transparency, supporting our business growth and global operations.
Approved by:
Mayer Rothschild, CEO, Beexco LLC
Date: June 17, 2024
