Last updated on 11/30/23
ViewSonic Corporation (“VSC” and “ViewSonic”) is a United States (“US”) multinational electronic technology company providing a global range of digital display products including but not limited to light-emitting diode (“LED”) monitors, liquid crystal displays (“LCD”), touch displays, projectors, large-format displays, along with a variety of other display technology products
VSC currently distributes its products in the following global markets: US, Europe, Middle East, and Asia. The distribution of VSC’s products in the markets outside the US are generally through its three main operating non-US subsidiaries with ViewSonic Europe, Ltd., (“VSE”) being one of them – hereinafter collectively referred to as “Group”.
In compliance with the requirements of Finance Act 2016, Schedule 19, Paragraph 16(2), VSE publishes its tax strategy for the year ended December 31, 2022
Each Group member’s tax or finance department manages its respective regions’ day-to-day tax obligations. In the case of VSE, VSE’s finance department manages its daily tax obligations. Further, each group member, including VSE, works closely with its region’s local external tax advisors, ensuring the Group member stays current with the ever-changing, evolving tax laws of its respective region. Additionally, ViewSonic Group pursues to identify, assess, and mitigate tax risks by encouraging collaboration and communication among sectors within each Group member, including, but not limited to: Operations, Legal, HR, and Finance/Tax.
VSC’s tax department (“Tax”) oversees material global tax matters in addition to managing its assigned region’s tax obligations (US, Canada, and Latin America). Any tax law change or operational change creating tax implications are to be reported to VSC’s Tax by the affected Group member, if not already identified by VSC’s Tax. After an in-depth analysis is conducted by VSC’s Tax together with the affected Group member’s finance/tax department, the tax implications, and a proposed course of action in accordance thereof is then communicated to the Chief Financial Officer (“CFO”). If tax planning should be involved, the appropriate Board of Directors (“Board”) are consulted prior to the execution of any tax plans. As reflected in the Corporate Social Responsibility, the Board is ultimately responsible for corporate governance (including tax), with the duty to oversee management performance, set key corporate policies, and make strategic business decisions.
Although the aforementioned approach to tax risk management may have been mainly described from the Group’s position, it is worth noting that VSE fully complies with the position. Further, it should be emphasized that VSE continuously monitors for new accounting and tax law changes while reviewing internal financial data and other internal source data thereby ensuring tax compliance is being maintained. Moreover, VSE seeks external advice to confirm its understanding of tax law changes and their applicability to the company.
Aligned with the Group’s Code of Ethics valuing integrity, VSE is dedicated to adhering to the rules and regulations of jurisdictions it maintains its presence. Tax implications are considered as part of the business decision-making process; this ensures that VSE complies with all tax regulations applicable to the business choices made. Needless to say, the Group does not participate in tax avoidance schemes. As the UK is a member of the Organization for Economic Co-operation and Development (“OECD”), UK Transfer Pricing legislation incorporates a requirement for its rules to be interpreted consistent with the OECD Transfer Pricing Guidelines. Accordingly, VSE has applied OECD guidelines when arranging intercompany transactions to ensure that the most appropriate method is used and executed on an arm’s length basis.
Given that the corporate governance for ViewSonic Group strives towards achieving the highest ethical standards in all areas of conducting business, VSE’s tolerance for tax risk is low. We make an effort to continuously exercise good faith in all aspects of the business including tax matters. Further, when addressing uncertain tax matters, VSE favors taking the more conservative approach, thereby avoiding any potential pitfalls.
Integrity is one of the Group’s guiding principles. Transparency and accountability permeate every aspect of the business, extending to relationships with all regulatory bodies including HMRC. Thus, VSE will maintain its transparency with HMRC by continuing to be in good standing with the agency. VSE is dedicated to staying current with the relevant latest tax rules and changes, striving for continued compliance against a backdrop of ever-changing laws and regulations; any inadvertent oversight with tax obligations shall (continue to) be reported to HMRC upon the discovery of said oversight, within a reasonable period thereafter.