Commitment to Compliance
Swedish Orphan Biovitrium Ltd is the UK affiliate of a global pharmaceutical company, Swedish Orphan Biovitrium AB (public) domiciled in Stockholm, Sweden. We are dedicated to developing and delivering innovative treatments that improve the lives of people living with rare diseases.
Swedish Orphan Biovitrium Ltd is committed to compliance with all UK tax laws and regulations. As a member of a global group,
we are also committed to compliance with UK and international standards in respect of transfer pricing and the changes implemented as a result of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting project.
Tax Risk Management and Governance
To support our tax risk management, we contract with highly reputable UK tax specialists to provide both proactive and reactive guidance and advice. We choose our professional tax partners carefully and expect high standards of our tax advisors.
Tax Planning
In line with our global code of business ethics, we operate our business ethically and with integrity to earn the trust of all of our stakeholders and meet the needs of society. As such, we do not engage in artificial or contrived structures for the purpose of tax avoidance.
Tax Risk Appetite
We have a low tax risk appetite and are focused on compliance. This tone is set by our primary stakeholder, our Swedish parent company, and we believe that it should be acceptable to all of our key stakeholder groups.
His Majesty's Revenue and Customs (HMRC) Relationship
The company does not have a Customer Compliance Manager (CCM) allocated by HMRC and is below the threshold for a Senior Accounting Officer. As such, the relationship is largely limited to responding to one-off queries and periodic reviews. However, we believe that it is important to maintain an open and constructive relationship with HMRC and respond to such enquiries in this spirit. We are satisfied with the existing HMRC relationship, but should a CCM be appointed, we will approach that relationship in the same collaborative manner.
The publication of this UK tax strategy statement is regarded as satisfying the statutory obligation for the year ended 31 December 2022, under Part 2, Schedule 19, Finance Act 2016.
Mar, 2024