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This tax strategy applies to all Nynas Group companies.
This tax strategy applies to all Nynas Group companies. Nynas regards the publication of this tax strategy as complying with the UK duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish Nynas tax strategy in the current financial year.
Responsibility for Nynas tax strategy and its supporting governance framework rests within the responsibility of the Board of Directors to ensure effective systems are in place for follow-up and control. This is monitored by the Audit Committee, representing the Board of Directors, thru regular reporting of the management of taxes by the Chief Financial Officer (CFO). The external audit and the audit report include taxes and is reported to the Audit Committee and the Board of Directors. The day to day responsibility for each of these areas rests with the Tax Manager, who reports to the Finance Director who in turn reports to the CFO. The tax strategy is supported by a tax governance framework, which aligns with Nynas' wider risk and control framework. Independent monitoring and reporting of tax risks and controls is governed by the Tax Central Team and Local Management. Key exposures and issues related to tax are reported to and considered by the Audit Committee as needed but minimum annually with written minutes of meetings being kept.
As a large multinational organization, with operations in more than 30 countries, Nynas is exposed to a variety of taxes and related risks. These can be grouped under the following headings:
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