TAX STRATEGY – DANA’S 10 PRINCIPLES
Dana’s policy and approach to conducting its tax affairs and dealing with tax risk is made available on our external website and to all of our employees internally. This tax strategy is compliant with the requirements of Schedule 19 of Finance Act 2016 for the period ended 31 December 2019.
Our tax strategy has been approved by the Board of Dana Petroleum Limited and is subject to ongoing review. Its key elements are listed below.
Our tax strategy is based on 10 key principles. These are:
- Dana will maintain an in-house tax department with the necessary skills and expertise to ensure a high standard of governance in relation to taxation.
- Dana’s tax affairs are supported by processes and procedures and conducted within a framework with defined roles, responsibilities and appropriate authority levels.
- Dana is a responsible company which abides by the laws and regulations relating to our tax obligations in all the jurisdictions in which we operate.
- Dana is committed to maintaining strong relationships with all relevant tax authorities and aims to cooperate fully with such authorities in a collaborative and open manner.
- Dana commits to providing all relevant tax authorities with the information they require in a timeous and efficient manner.
- Dana will attempt to resolve issues with tax authorities before returns are filed if possible. In the case of disputes we will attempt to resolve through mutual agreement.
- Dana will pay the appropriate amount of tax owed in all our jurisdictions.
- Dana conducts its tax planning in a manner which recognises the commercial needs of the business and ensures we comply with all relevant laws. Dana will not engage in artificial tax arrangements.
- Dana will use available tax reliefs and incentives in the jurisdictions in which we operate in a transparent and open way
- Dana may, from time to time, seek the counsel of external tax experts to help with the decision-making process concerning tax issues where tax guidance is unclear or where the necessary expertise is not available in-house.