United Kingdom (UK) Tax Strategy
Our Approach to Tax in the UK
This tax strategy statement below is intended to fulfill the statutory requirement in Paragraph 22, Schedule 19 of the Finance Act 2016 and applies for the financial year ended December 31, 2020.
How YETI Manages Tax Risks
YETI’s group risk management procedures are followed such that we identify, assess and manage tax risks and account for them appropriately. We have implemented internal controls to provide assurance over the compliance processes and we monitor their effectiveness through periodic internal audit review. We engage a reputable UK firm to provide tax advice, periodic oversight and tax compliance, ensuring our tax compliance and strategy align with and meet the requirements of UK tax law. YETI is committed to meeting its tax requirements. Our Code of Business Conduct requires our directors, officers and associates to comply with our ethical expectations and legal obligations, including applicable local laws.
YETI’s Attitude to Tax Planning
YETI does not engage in aggressive tax planning or make unreasonable interpretations of tax law. YETI uses the arm’s length method of valuation with respect to its intercompany transactions to prevent any economic distortion of the substance of such business transactions. YETI utilises exemptions and allowances in accordance with normal business practises and Her Majesty’s Revenue and Customs (HMRC) guidance.
The Level of Tax Risk that YETI is Prepared to Accept
YETI values its reputation. We have a low tolerance for operational or planning tax risks that could damage our reputation or undermine our values. Of course, the size, complexity and geographical footprint of YETI make it inevitable that tax risks will arise. To mitigate these risks, our tax and finance teams identify, evaluate, and monitor tax risks and routinely seeks independent third-party professional advice and assistance in meeting our tax obligations and requirements.
How YETI Works with Tax Authorities
YETI is committed to sustaining an honest, transparent and cooperative relationship with tax authorities. In the event uncertainties or identified risks require communication with HMRC, we would seek an open dialogue with HMRC. In the case of disputes with HMRC, we would seek to resolve those disputes in a timely manner.