This Statement is prepared in accordance with the requirements of Part 2 Schedule 19, Finance Act 2016 in relation to the financial year ended 31 December 2019. It applies to all companies, both UK and overseas.
JELD-WEN Holding, Inc. (“JELD-WEN”) is a multinational group of companies in the business of developing, manufacturing, and distributing windows, interior and exterior doors, window frames, door frames, shower screens, wardrobes, stairs, and stair parts.
JELD-WEN operates in 24 countries in North America, Europe, and Australasia, and has approximately 21,000 employees across more than 120 locations worldwide.
Our Tax Principles
Our corporate values define our culture and serve as guideposts for our daily actions. Chief among our values are building businesses ethically and safely, delivering on our promises, and improving every day. Securing and maintaining the trust of all our stakeholders, including tax authorities, is central to living these values. Consistent with these values, we aim to create long-term sustainable growth and to be a responsible taxpayer.
Our guiding principles for tax are:
- to comply with all applicable tax laws and regulations in the UK and internationally;
- to use available tax reliefs in the way that they are intended;
- to adopt an open, honest and professional approach in our dealings with tax authorities; and
- to work collaboratively with tax authorities to resolve any areas of disagreement while ensuring we defend our tax treatment where we consider it is correct in law.
Scope of our Tax Strategy
JELD-WEN pays a range of taxes including corporate income taxes, stamp duties, withholding taxes, employment and other taxes. We also collect and pay employee taxes as well as indirect taxes such as VAT and excise duties.
For the purposes of the JELD-WEN worldwide tax strategy, tax is defined as all forms of direct or indirect tax charges or levies. This worldwide tax strategy applies to all entities within the UK group as well as all employees whose actions or responsibilities impact the management of tax in the UK.
Tax Governance Framework
The JELD-WEN Chief Financial Officer is responsible for the tax strategy which is overseen and approved by the JELD-WEN Board of Directors. The Chief Financial Officer delegates the implementation of the tax strategy to the Vice President of Global Tax and delivery of the strategy is supported by tax and finance professionals worldwide as appropriate. The tax strategy is reviewed on a regular basis and any significant changes are approved by the JELD-WEN Board of Directors. In addition, any material tax issues, disputes, or litigation regarding JELD-WEN’s tax positions in any jurisdiction in which we operate are reported to the JELD-WEN Board of Directors as they arise with details and action plans furnished to the Audit Committee which has been delegated specific responsibility for tax and financial reporting issues.
Tax Risk Management
We are committed to complying with tax law and practice in the UK and all jurisdictions in which we operate. As such, we have established tax compliance procedures throughout all our operations.
The JELD-WEN tax group regularly assesses any tax risks, including those reported by operations. Material issues, disputes, or litigation are notified to the Audit Committee of the JELD-WEN Board of Directors as they arise.
We will engage in tax planning only to directly support our commercial activities. Thus any tax planning undertaken will have commercial and economic substance and will have regard to the Group’s wider vision and strategy. We will seek to minimize uncertainty, risk or disputes and we will engage external advisors as appropriate to achieve this. As such, our appetite for risk is low in this regard. We do aim to make use of those tax incentives and exemptions intentionally provided in law.
Relationship with Tax Authorities
We engage with all tax authorities, including HM Revenue and Customs (“HMRC”), with honesty, integrity and transparency in respect of all tax matters. We will work collaboratively with HMRC wherever possible to resolve disputes or where there is uncertainty in the interpretation of tax laws.