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Tax policy: Financial year ending 30 June 2024
Date of Publication: 28 May 2024
Mytheresa UK Services Ltd. Tax Strategy
Definition & Purpose
Mytheresa UK Services Ltd., a company registered in Great Britain, is part of Mytheresa Group, wholly owned by MYT Netherlands Parent B.V., with legal seat in Amsterdam, the Netherlands, and place of management in Aschheim, Germany, as ultimate group parent company. This strategy applies to Mytheresa UK Services Ltd., referred to as "Mytheresa UK" in this document, in accordance with paragraph 16 (2) of Schedule 19 to the Finance Act 2016 for the financial year ending 30 June 2024.
This strategy remains effective from the date of publication until it is superseded. References to 'UK Taxation' include taxes and duties, such as Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax in the UK. Mentions of 'tax', 'taxes', or 'taxation' refer to UK taxation.
Mytheresa UK's tax strategy is underpinned by the following key policies to ensure that the company operates as a responsible global corporate tax citizen.
Aim
Mytheresa UK is committed to complete adherence to all legal requirements, globally recognized standards, and transparent disclosure to pertinent tax authorities. Mytheresa UK’s tax matters are administered with careful consideration of its broader corporate image, aligning with Mytheresa UK's overarching principles of governance, fundamental ethical conduct, and core values.
Governance in relation to taxation
• Mytheresa UK’s Directors bear ultimate responsibility for Mytheresa UK's tax strategy and governance.
• Oversight of governance concerning all tax-related issues is entrusted to the Senior Manager Tax, the Teamlead HR Payroll and the Head of Accounting (collectively referred to as “Tax Governance Owner”) at the level of MYT Netherlands Parent B.V.
• Mytheresa UK’s Directors ensure that tax strategy is taken into consideration for significant investments and business determinations.
• The Tax Governance Owner provide regular reports to the Directors regarding tax affairs and associated risks.
• Mytheresa UK’s management is accountable for upholding compliance with all relevant regulations, internal guidelines, and governance protocols pertaining to taxation.
• The Directors and the Tax Governance Owner ensure that the UK tax advisors comprise of suitable qualified personnel.
Risk Management
• Mytheresa UK and Tax Governance Owner implement a tax risk assessment and control system as an integral part of its overall internal control framework.
• Regular reviews of processes related to various taxes are conducted to identify significant risks and establish internal controls to mitigate them. These risks are continually monitored for business and legislative changes that could affect them, and adjustments to processes or controls are made as necessary.
• Potential tax risks are evaluated, and measures are implemented to mitigate them to an acceptable low level.
• Internal control procedures and processes undergo routine reviews, internal audits, and self-assessment programs.
• External advisors are consulted when deemed necessary for expert advice.
Attitude towards tax planning and level of risk
• Mytheresa UK manages risks to ensure strict compliance with legal requirements, aiming to fulfill its tax obligations accurately.
• Mytheresa UK abstains from engaging in artificial tax arrangements, which lack commercial and economic substance. Tax planning strategies adhere closely to tax legislation, with a focus on minimizing the risk of disagreement with Tax Authorities. External advisors are consulted in cases of uncertainty.
• In commercial dealings, Mytheresa UK endeavours to capitalize on available tax incentives, reliefs, and exemptions, always aligning with the letter and intent of tax laws.
• Mytheresa UK remains committed to full compliance with all regulatory and corporate responsibilities, maintaining its reputation as a conscientious corporate entity.
Relationship with HMRC
• Mytheresa UK maintains a transparent, collaborative relationship with HMRC, engaging in communication when necessary to discuss developments in the company's operations, current and prospective tax risks, and interpretations of relevant tax laws.
• The company ensures that Tax Authorities are promptly informed of significant transactions and changes in the business, initiating early discussions regarding any arising tax matters. In tax computations and returns, Mytheresa UK discloses all pertinent facts and identifies transactions or issues where there may be uncertainty in tax treatment.
• Mytheresa UK promptly rectifies material errors or misstatements in tax filings as required by law and practice, without undue delay. Any inadvertent errors in submissions to Tax Authorities are promptly disclosed as soon as they are identified.
