Client login Menu Tax Strategy: Almac Approach Home / Tax Strategy: Almac Approach About A unique culture delivering exceptional solutions Almac History, Culture and Values Company Overview Video Modern Slavery Statement Leadership Core Values & Vision Our Locations Careers Post-Brexit: The Almac Advantage Innovative solutions for Biopharma and Biotech News Events Knowledge Centre Contact Us Client Login Tax Strategy: Almac Approach In accordance with Para 16(2) Schedule 19 Finance Act 2016 this represents the Group’s tax strategy in effect for the year ended 30 September 2021. The Almac Group is a group of companies operating in the highly regulated and risk-averse pharmaceutical and biotech sectors. We adopt this same low risk strategy in our approach to our tax affairs and tax strategy. We work hard to optimise outcomes for all of our stakeholders which includes ensuring we pay the right amount of tax at the right time. This strategy has been approved by the Almac Group Board and will be reviewed annually. Tax Risk Management and Governance In operating our tax risk management and governance processes, Almac Group has a low appetite towards tax risk. We are committed to full compliance with our tax obligations, paying the right amount of tax at the right time. We seek to ensure that our tax arrangements remain consistent with a low risk assessment, both in financial and reputational terms. The Group’s policy is to comply with all relevant laws, rules, regulations, reporting and disclosure requirements and to pay the amounts of tax legally due. Tax matters are proactively managed by having a clear internal governance framework, together with business controls and processes. The Group Executive Director of Finance is responsible for management of the Group’s tax affairs. He is also the Senior Accounting Officer. He is supported by Financial Controllers within each business. Professional advice is obtained from suitably qualified external advisors where the tax treatment of specific items is uncertain. The Group’s annual Corporation Tax returns are prepared by external advisors and reviewed for accuracy and completeness by the Group Executive Director of Finance and the Almac Group Financial Controller before submission to HMRC. Tax Planning and Tax Risk Almac makes tax decisions which support, and are consistent with, the Group’s overall strategy to maximise after-tax returns for reinvestment into the business. The Group takes into account tax costs and risks before key business decisions are implemented. Almac may use relevant incentives and reliefs to minimise the tax costs of its business activities. Almac Group aims to comply with all relevant tax laws. The Group does not engage in aggressive tax planning schemes. Relationship with HMRC Almac Group is committed to acting with integrity at all times and engage with HMRC openly and constructively. We feel this is the best way to ensure that we pay the right tax at the right time and to maintain a good working relationship. Where appropriate we endeavour to engage with HMRC as soon as possible in any areas of material uncertainty, so as to minimise our tax risk and to provide greater certainty for both parties in advance of formal tax filings. Stay up-to-date with the latest from Almac Join our mailing list Contact Us Complete the form below and we will be in touch shortly… Confirm you have read and accepted the Almac Privacy Policy *By submitting your information you acknowledge that you have read the privacy statement and you consent to our processing the data in accordance with that privacy statement. We may, from time to time, send you material relevant to your interests. If you change your mind at any time about wishing to receive material from us, you can send an email to info@almacgroup.com. Every email we send you will also include an unsubscribe link so you can unsubscribe from our marketing list. Quick links Careers About Us Our Locations Latest News Knowledge Centre Almac Discovery Almac Diagnostic Services Privacy Policy Galen Pharmaceuticals Get in touch European Enquiries: +44 (0) 28 3833 2200 North American Enquiries: +1 (215) 660 8500 Asia Pacific Enquiries: +65 6309 0720 Social links linkedin twitter youtube vimeo One way biotechs can reduce risk & promote optimised supply chains is by embracing a demand led, Just in Time Manuf… twitter.com/i/web/status/1… 4 mins ago ©2021 Almac Group Company Information Terms and Conditions Privacy & Cookie Policy Modern Slavery Statement By continuing to browse the site, you are agreeing to our use of cookies Agree