Introduction DSV has operational companies in more than 90 countries, all of which are governed by national and international tax legislation. This document outlines the DSV Group’s Global Tax Strategy and describes the governing principles for tax management that apply to the entire DSV Group. The overall aim is to be tax compliant and live up to our corporate social responsibility while ensuring a return on investment for our shareholders. Roles and responsibility The Danish Board of Directors have overall responsibility for this strategy and compliance with tax legislation. Day-to-day responsibility lies with the Group CFO and the Group Tax department. Group tax manages the DSV tax framework and issue guidelines to ensure that tax legislation is observed and complied with throughout the DSV Group. In the UK, local management is responsible for ensuring compliance with UK tax legislation and for implementing DSV ’s global tax governance principles outlined below. DSV’s Global Tax Strategy is reviewed on an annual basis by the Danish Board of Directors. Furthermore, operational tax matters, including how tax risks are monitored and managed is reported to the Audit Committee on a periodic basis. Strategy The general tax strategy of the DSV Group is to comply with tax legislation and to meet legal requirements, including timely filing of tax returns and tax payments. At the same time, DSV has an obligation to ensure a return for our shareholders by managing tax, to secure a competitive effective tax rate in accordance with the tax legislation. We do not engage in aggressive tax planning DSV’s structure and set up is driven by commercial consideration and business strategy and not to obtain tax incentives. We do not set up artificial structures in tax havens to avoid taxes on activities or engage in tax planning which moves revenue from high- to low- tax countries to minimize tax payments. We deconstruct any inherited offshore companies. In connection with mergers and acquisitions, DSV sometimes inherits non-operational offshore companies and, whenever this is the case, it is a priority to eliminate the as soon as possible. During this very time-consuming process, these companies must be used for tax optimisation. 2
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