UNDERSTANDING COATS
Coats Tax Strategy
Understanding Coats
Coats Tax Strategy
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We ultimately aim to deliver value to our key stakeholders in a sustainable, safe and compliant manner. We have certain principles and areas of priority that enable us to meet our goals and achieve our vision. These principles and priorities apply to tax as they do to any area of management in our organisation.
The way we manage tax allows us to deliver value to key stakeholders in a sustainable and compliant way, and the way we manage tax is by focusing on our principles of tax management.
Our published Global Tax Strategy has been approved by the Board and satisfies Para 16 (2) Schedule 19 of the UK Finance Act 2016, in respect of our financial year ending 31 December 2024.
We are the world’s leading player in industrial threads. We operate to the highest ethical, business, and employment standards across our global operations.
As set out in the Coats Goals and culture framework, we ultimately aim to deliver value to our key stakeholders of customers, employees and shareholders. We will achieve this by focusing on our three goals, which are underpinned by key principles and priorities with a steady foundation.
To be successful now and in the future, we need to not only be mindful of our financial and operational performance, but also to recognise the role our business plays within society, as part of local communities around the world, and the impact we have on the environment.
We believe that a strong approach to Corporate Responsibility can help to make us a better business partner through; improved efficiency, better reputation and customer relationships, more motivated employees and safer working practices.
To that extent, we have developed our Group Tax Strategy to ensure compliance with our goals and culture whilst being conscious of our corporate responsibility.
Our Principles of Tax Management
- Operate effective governance that upholds the freedom to operate while ensuring that we have appropriate visibility over the group’s tax risks and tax filings to ensure that tax risks are identified, assessed and managed on a timely basis and the Group’s statutory tax obligations are met.
- Demonstrate energy for change and through positive teamwork partnering with the business to understand and advise in real-time on the tax implications of commercial transactions
- Strive for profitable sales growth whilst protecting long term shareholder value, by structuring operations in a tax efficient manner in line with our principles of sustainability
- Always operate in a respectful and inclusive manner ensuring that we have open and honest engagement with our stakeholders, including tax authorities