Products We Offer Industries We Serve Partners About EN Login Get in contact Tax Strategy Background Paysafe is a regulated online payments business. As such, the Group has taken a responsible and transparent approach to the management and control of its tax affairs and related tax risks, by adopting the following tax strategy. This strategy was approved by the Board of Directors and is regularly reviewed by the Audit Committee and Board of Directors. The Group is privately owned, but it continues to adopt the same level of responsible risk management and governance framework for tax that befits a listed group. The group operates from multiple offices, is regulated by the relevant financial services authority in various countries and, operating online, services merchants and consumers all over the world. Our tax strategy reflects these facets and evolves to maintain pace with the changing tax environment in which the OECD and governments internationally, including the UK, are working to build an international tax framework that equitably taxes the e-commerce world. This tax strategy is publicly available on Paysafe’s website and is compliant with the UK tax strategy publication requirement set out in Part 2 of Schedule 19 FA 2016. Approach of the Group to risk management and governance arrangements, including in relation to UK taxation Our tax policy and the management of tax risks are assessed as part of the Group’s formal governance processes and are reviewed by the Chief Financial Officer who reports them to the Audit Committee on a regular basis. Day-to-day responsibility for tax sits with the Head of Tax. Key risks are dealt with through our risk management framework, ensuring that appropriate taxes are paid promptly in each jurisdiction in which we operate and that we safeguard our reputation as a responsible taxpayer. The risks faced by the Group fall in to three categories: Tax compliance and reporting risks These are the risks associated with compliance failures such as submission of late or inaccurate returns, late payment of tax, the failure to submit claims and elections on time or where systems and processes are not sufficiently robust to support tax compliance and reporting requirements. Where possible Paysafe has implemented governance risk tools to mitigate these risks, such as a global compliance workflow tool that gives the Head of Tax oversight of the status of all corporate income tax returns and tax payments. Transactional risks These are the risks associated with undertaking transactions without appropriate consideration of the potential tax consequences or where advice taken is not correctly implemented. Paysafe seeks to mitigate this risk through constant engagement with the Group’s Executive and Senior Management team to understand the Group’s commercial strategy, M&A activity, new products, new geographies, and other transactions before they occur, and seeking appropriate professional advice on the tax consequences. Reputational risk This is the non-financial risk that tax may have an impact on the Group’s relationships with shareholders, clients, tax authorities and the general public. The Group aims to manage tax risk in a similar way to any area of operational risk. The primary oversight functions are Group Tax and Group Internal Audit. Where appropriate, the Group seeks to engage with tax authorities to disclose and resolve issues, risks and uncertain tax positions. The subjective nature of global tax legislation means that it is often not possible to mitigate all known tax risks and therefore, at any given time, the Group may be exposed to financial and reputational risks arising from its tax affairs Attitude of the Group to Tax Planning (so far as it affects UK taxation) The Group endeavours to structure its affairs in a tax efficient manner where there is strong commercial merit, ensuring compliance with applicable laws and regulations, in a manner which does not adversely impact our reputation as a responsible taxpayer. The Group will seek professional advice on any potential tax planning opportunities, including structural changes, to maximise shareholder value. Significant tax planning opportunities are to be assessed and approved by the Board or appropriate committee before the Group can implement them. The Group will also seek advance clearance of key transactions and significant structural changes from the relevant local tax authority as appropriate. Level of risk in relation to UK taxation that the Group is prepared to accept The Group’s tax risk appetite requires that, where tax law is unclear or subject to interpretation, its adopted tax position is at least more likely than not to be allowable under applicable tax laws. Approach towards dealings with HMRC The Group is committed to having an open, honest and positive working relationship with tax authorities, ensuring prompt disclosure and transparency in all tax matters. The Group has positive and constructive working relationships with H.M. Revenue & Customs and other tax authorities. These relationships involve regular meetings to discuss issues and include obtaining advance clearance of key transactions where the tax treatment is uncertain. We strive to resolve any areas of dispute with the tax authorities, adopting a real time working approach, and improving mutual trust. External advisers At both Group and local subsidiary level there is a strong level of engagement with local professional tax advisers and the Group will take appropriate advice from reputable professional firms to perform the following: Assist with legitimate tax planning opportunities; Review material transactions; and Review corporation tax submissions. About Us Support Culture Careers News Developers Blog Contact Company Awards Privacy Notice Modern Slavery Act Transparency Statement Regulatory Disclosures Tax Strategy Cookie Notice Cookie Settings Our Brands Twitter Youtube Facebook Instagram Linkedin Copyright © 2021 Paysafe Holdings UK Limited. All rights reserved. Paysafe Financial Services Limited (FRN: 900015), Skrill Limited (FRN: 900001) and Prepaid Services Company Limited (FRN: 900021) are all authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Paysafe Payment Solutions Limited, trading as Paysafe, NETELLER, Skrill, Rapid Transfer and Skrill Money Transfer, is regulated by the Central Bank of Ireland. Paysafe Prepaid Services Limited, trading as paysafecard, my paysafecard, paysafecard Mastercard and Paysafecash, is regulated by the Central Bank of Ireland. The NETBANX® trademark is the property of Paysafe Processing Limited. Paysafe is a registered ISO of Deutsche Bank AG, New York, NY; PNC Bank, N.A., Pittsburgh, PA; Wells Fargo, N.A., Concord, CA; Woodforest National Bank, Houston, TX; BMO Harris Bank, N.A, Chicago, IL; Fifth Third Bank, N.A. ,Cincinnati, OH, USA; and Merrick Bank, South Jordan, UT. NETELLER and Net+ are registered trademarks of Skrill Limited. Skrill is a registered trademark of Skrill Limited. The Paysafe® trademark is the registered property of Paysafe Holdings UK Limited. paysafecard is a registered trademark of Paysafecard.com Werkarten GmbH. Net+ and Skrill Prepaid Mastercards are issued by Paysafe Financial Services Limited and paysafecard Mastercard Cards are issued in the EEA by Paysafe Prepaid Services Limited as an affiliate member of Prepaid Services Company Limited and in the UK by Prepaid Services Company Limited, each pursuant to licences from Mastercard International. Mastercard is a registered trademark of Mastercard International.