Company: BCS
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0000312069-25-000114
Chunk: 347

Company: BARCLAYS PLC
Filing Date: 2025-02-13
Form: 20-F
Chunk 347
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. Key highlights from our approach to tax include: &#8226; we follow clear Tax Principles that we have published. These allow us to balance the needs of all our stakeholders and make clear that tax planning must support genuine commercial activity &#8226; as a result of this approach, transactions which artificially transfer profits into a low tax jurisdiction would not be consistent with our Tax Principles &#8226; we seek to comply with the spirit as well as the letter of the law and we take account of established practice in the territories in which we operate. We are transparent in both the disclosure of our tax affairs to tax authorities as well as our tax reporting to other stakeholders, and &#8226; we aim to comply with all of our tax obligations in the territories in which we operate and where there is uncertainty we may seek external tax advice in order to help ensure our tax filings are appropriate. Tax governance, control and risk management As a Global Systemically Important Bank, our Group-wide risk and governance procedures are subject to continuous review and scrutiny. More details on our approach to tax governance, control and risk management can be found in our Country Snapshot, the key highlights of which include: &#8226; our Board has ultimate responsibility for tax matters and the Board Audit Committee oversees our approach to tax &#8226; at Barclays, risks are identified and managed through our ERMF, which supports the business in its aim to embed effective risk management and a strong risk management culture. Under the ERMF all risks, including tax risk, are managed in accordance with a &#8216;three lines of defence&#8217; model Strategy Shareholder information Climate and sustainability report Risk review Financial review Financial statements Barclays PLC 2024 Annual Report on Form 20-F 183Governance ESG Governance (continued) &#8220;

&#8226; as part of the &#8216;first line of defence&#8217; the tax department identifies and manages tax risk by developing appropriate policies, standards and controls to apply across our organisation. Risk and Compliance comprise the &#8216;second line of defence&#8217;, and Barclays Internal Audit is the &#8216;third line of defence&#8217;, and these functions review, challenge and provide assurance to the Board in relation to the effectiveness of governance, risk management and controls including those relating to tax risk &#8226; we are subject to the Sarbanes-Oxley Act control requirements in relation to financial statements disclosures including those related to tax &#8226; our tax department comprises appropriately qualified in