Midwich Group is a specialist Audio Visual (‘AV’) and document solutions distributor to the trade markets, proudly operating across the UK, Ireland, France, Germany, Iberia, Holland, Australia and New Zealand.
Our tax policy is to comply with the tax regime in all of the jurisdictions that we operate. Our overriding objective as a Group is to maximise our commercial strength and we will strive to comply will all tax liabilities arising as a result. Since we are an acquisitive Group with entities based in seven different countries we will take all steps necessary to ensure we are have a good local knowledge base of the tax regime in each territory and, where necessary, will take steps to improve the tax controls in place to minimise the risk of non-compliance.
For the purposes of this policy, tax is defined as all financial charges or levies ( direct and indirect) including excise remittances, import duties, corporate income tax, VAT, payroll and other taxes applied by a Tax Authority.
We recognise that paying the correct amount of tax is a key element of the Group’s corporate responsibility and the Group is committed to volunteering to the authorities any underpayments that it has become aware of for whatever reason.
We pay our taxes locally in the countries where our organisations are based, where our actual business and economic activities take place and in accordance with the way we actually operate our businesses.
Whereas we do undertake to operate in the most tax efficient way possible, making use of exemptions and incentives put in place by the relevant tax authorities and OECD principles, we do not engage in tax evasion, artificial or high risk transactions. We do not adopt tax schemes based on form without commercial substance. We do not use offshore entities which lack business purpose and substance. We do not use hybrid instruments and entities which that result in in tax avoidance.
We seek to minimise the risk of material miscalculation of our tax liabilities by employing central and local staff of sufficient experience and by ensuring there is regular training of specialist and non-specialist tax within the Group. We will keep up to date with changes in tax legislation by attending training courses and undertaking regular meetings with our external tax advisers. Where we feel internal resource requires further support we will recruit the services of specialist third party advisers both to provide advice and training and to audit our tax accounting. The Board is regularly appraised of the tax status of the Group including an assessment of the key tax risks and we constantly monitor the appropriateness and adequacy of our resourcing and controls to ensure they are sufficient for mitigating those risks as far as possible.