By pursuing a transparent and responsible tax strategy
GrandVision pursues a transparent and responsible tax strategy across all countries in which it is present. Additionally, it aligns the long-term interests of all stakeholders, including shareholders, governments and communities. It also aims to embed tax implications in business processes where and when they originate. Even the smallest shifts in the way the business operates, whether it be in new products, services, digitalization or automation, can have implications on our national and international tax positions. Our tax strategy is designed to navigate these complexities and ensure we pay the right amount of tax and comply with all legislations.
GrandVision’s tax strategy is supported by a tax control framework that allows us to effectively report on our tax positions and execution to the Audit Committee and the Supervisory Board. In addition, we have an integrated a transfer pricing approach based on best practice guidance issued by the OECD.
The principles of our tax strategy are as follows:
- Be compliant at all times
- Pay the right amount of taxes across the value chain in the jurisdictions in which we are present and where value is created
- Reflect tax implications from business activity accurately in company records in real-time at an entity level
GrandVision is committed to taking full responsibility with regards to its tax matters. External advisors are only engaged on an as-needed basis, always considering independence from internal and external auditors.
Our four tax pillars
GrandVision’s tax policy is built on four pillars which organize and embed our tax strategy within our business, data and financial management systems, stakeholder engagement and our transfer pricing framework.
- Organization: Embed a virtual global tax organization in local finance functions. Train the broader GrandVision finance community to ensure that tax implications from business operations are understood and implemented.
- Data management: Integrate tax management in business processes and data management by placing tax data needs in financial information systems.
- Stakeholders: Build relationships with governments in jurisdictions where we operate (e.g. through participation in cooperative compliance programs).
- Planning & Transfer Pricing: Use formalized transfer pricing frameworks to avoid double taxation and align to
Our Contribution to Socio-Economic Development
The taxes paid by GrandVision are a significant part of our contribution to enhancing socio-economic development. In 2016, GrandVision reported €96 million in income tax. More information available in our 2016 CSR Report.