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Tax Policy

For the past five years, the INK Group has been the largest taxpayer in the Irkutsk Region, contributing to the revenues of the budget system of the Russian Federation, as well as to the development of its territories of operation.

The Group’s priority is to ensure the completeness and timeliness of tax obligations to budgets of all levels.

Developing a transparent tax strategy is consistent with 17th Sustainable Development Goal, which calls for “enhanced domestic resource mobilization, including through international support to developing countries, in order to increase national capacity to collect taxes and other revenues”.

In December 2021, the Board of Directors of JSC INK-Capital approved the Tax Policy which is consistent with the values, mission, and development plans of the INK Group and applies to all companies within its structure.

The main tenet of the Tax Policy is a confirmation by the Group that its activities are conducted in full compliance with the norms and requirements of the applicable tax laws, international tax treaties to which the Russian Federation is a party and is also guided by the provisions of applicable international legislation and directives, to the extent that they are in line with the laws of the Russian Federation.

The Tax Policy confirms that the INK Group does not carry out transactions (operations) aimed at obtaining an unjustified tax benefit (tax savings) and does not use illegal or aggressive practices of tax planning and optimization within the framework of its activities.

In addition, the Tax Policy states that the Group does not use any international offshore schemes for tax optimization purposes.

 Tax Policy

INK Group’s Tax Policy is based on the following principles:

  • Lawfulness: strict compliance with the rules and requirements of applicable tax law
  • Reasonableness: carrying out activities taking into account measures of fiscal incentives for the industry; refusal to carry out transactions (operations) that have no real economic purpose, the sole purpose of which is tax savings or optimization
  • Integrity: the functioning of the system and procedures of internal controls at the conclusion of transactions with counterparties
  • Openness: full and fair disclosure of tax information and other required information in accordance with applicable law
  • Risk management and prevention: continuous monitoring of the efficiency of the internal control system and updating of the Company’s Risk Management Policy
  • Compliance with applicable transfer pricing laws: compliance with the “arm’s length” principle in intra-group transactions (operations).

Payments to Federal and Municipal Budgets, According to IFRS