This statement is published to comply with guidance under Schedule 19 of the UK Finance Act 2016.
Steelcase Inc. (NYSE: SCS) is headquartered in Grand Rapids, Michigan, USA and is the ultimate parent company of UK subsidiaries Steelcase (UK) Limited, Steelcase Limited, Steelcase (South-East) Limited and Steelcase (Manchester) Limited. This UK tax policy statement is published to comply with guidance under Schedule 19 of the UK Finance Act 2016 for the entities stated above. This tax strategy document will remain in effect until any amendments are approved and published.
Steelcase’s written Global Business Standards require each employee to recognize and comply with the laws and regulations of international commerce. The Global Business Standards explain that it is the responsibility of each Steelcase employee to act lawfully, ethically, fairly and in a manner that sustains healthy business relationships and instills loyalty. The Steelcase Global Business Standards are complemented by other policies and procedures such as Internal Control Policies (Sarbanes-Oxley), compliance with the Foreign Corrupt Practices Act and UK Bribery Act 2010 and independent auditor reviews. These policies are not limited in scope and therefore apply to all UK tax matters, specifically our governance, risk management, tax planning and customer relationships, which include those with Her Majesty’s Revenue and Customs (HMRC).
Governance and Risk Management
Steelcase is committed to complying with all applicable UK tax laws, filings and reporting disclosures. We have an established network of internal and external tax and finance professionals who are knowledgeable on the various direct and indirect UK taxes and who monitor ongoing tax law changes as well as changes in our business. We adapt our processes and reporting as required by any external law changes. This network, along with our strong tax control framework seeks to ensure the complete and accurate communication of UK tax positions and risks to Company leadership.
Tax Risk Management
Steelcase aligns tax planning to the company’s functional operating profile and goals in a manner that provides value by minimizing our consolidated tax risks and liabilities. We have a low tolerance for tax risk and strive to obtain certainty for our financial reporting obligations and prevent any potential negative impacts to our shareholders, reputation and brand. Steelcase commits to paying the correct amount of tax due under the laws of the respective jurisdictions in which it operates.
Working Relationship with HMRC
Steelcase is committed to fostering a positive, transparent and respectful relationship with HMRC. We are committed to working collaboratively with HMRC to address inquiries and resolve any difference of opinion on the interpretation or application of tax law to our facts in an honest, ethical and cooperative manner and in line with established avenues of dispute resolution.