J&TJ Tax Policy
The purpose of the Joe & The Juice tax policy is to define and communicate how we conduct our tax affairs, as we believe it is important to be transparent on tax matters.
To support the transparency this tax policy explains how we consider each of the following:
- Tax governance and risk management
- Tax risk and tax planning
- Interactions with tax authorities
Tax governance and risk management
Tax is a core part of our corporate responsibility and governance. We strive to comply with all applicable laws and regulations, including international tax reforms by international organizations such as the OECD, and timely collecting and paying tax in all jurisdictions in which we operate.
We continuously evaluate our processes to ensure that we are compliant with local and international standards relevant to our business.
The implementation and adherence to the tax policy are the responsibility of the CFO. The tax policy is reviewed and updated annually by the Audit & Finance Committee and approved by the Board of Directors.
The day-to-day management of Joe & The Juice’s tax is delegated by the CFO to the VP of Accounting, Reporting & Tax at the HQ in Copenhagen. The VP handles significant tax affairs, including tax filling and financial reporting obligations, correspondence with tax authorities and supporting the business on tax related matters together with a centralized global team at the HQ in Copenhagen. External tax advice is sought by the team where there is a need for specialist knowledge and guidance, e.g., in relation to areas of uncertainty surrounding the interpretation of new or existing legislation.
Through the company’s whistle blower-system, we provide opportunities for employees and external parties to raise any issues of concern related to tax or any other issue in person or anonymously.
The tax policy applies to all Joe & The Juice entities wherever incorporated and notwithstanding the nature of the tax.
Tax risk and tax planning
Joe & The Juice has a low threshold for tax risk and seeks to reduce the level of tax risk as much as is reasonably practicable.
However, as a multinational group, complying with tax rules can be complex as e.g., the interpretation of legislation and case law may not always be clear and may change over time. This may give rise to different risks that could affect our business.
We consider that our highest risk from a tax perspective include:
- Jurisdictional risks: Tax laws are complex and open to interpretation. Different tax authorities may take different positions on similar issues, and such differences may heighten the risks and possibility of disputes for Joe & The Juice.
- Tax compliance and reporting risks: We rely on financial and other systems as well as qualified employees across our operations to analyze, calculate, report, and pay our tax liabilities timely and accurately.
- Business operational risks: Our business growth in scale, which requires ongoing review in context of our tax strategy and obligations.
We believe that our tax risk is best managed by strong technical employees and compliance procedures ensuring accurate and complete tax reporting.
Joe & The Juice does not take an aggressive stance in its interpretation of tax legislation and does not use tax havens to reduce tax payments nor use aggressive tax avoidance schemes. We are committed to significant investments in new bar’s and are utilizing, where possible, the framework of business relief that are available, e.g., capital allowances.
We ensure profits being taxed in the jurisdictions, where economic activities generating the profits are performed and where value is created, e.g., we do not use artificial structures to avoid establishing a taxable presence in jurisdictions where we do business. We only use business structures that are driven by commercial considerations and business substance. This means that taxes are a consequence of business anchored considerations while always respecting international and domestic tax rules.
Interactions with Tax Authorities
We seek, wherever possible, to develop cooperative relationships with tax authorities.
We follow established procedures and channels for all dealing with tax authorities, government officials and other third parties. We have an open and transparent dialogue with tax authorities etc. and respond to relevant enquiries in a straightforward and timely manner to assist in the evaluation of a tax liability.
Where there are misunderstandings of facts or law, we will seek to work with tax authorities to identify the issues and explore options to resolve any misunderstandings or disagreements.
Last approved by the Board of Directors in Joe & The Juice on 21/02/2023.