We do not accept aggressive tax planning
When we invest our customers’ pension savings to get a good return, we must do so responsibly. This also applies to tax matters. We do not tolerate any kind of aggressive tax planning and behaviour that takes advantage of loopholes in the tax codes.
For PFA, tax evasion is not associated with any specific countries, but rather it is about behaviour where one knowingly speculates in the differences between national tax codes in order to reduce the taxes one has to pay. This may be perfectly legal, but we do not find such behaviour to be responsible.
We want to promote a well-functioning national and global tax system. We do so by following a number of international taxation principles that we have integrated into our investment processes. The principles are, among other things, aimed at closing tax loopholes, increasing transparency and preventing double taxation and double non-taxation.
We also want to be transparent about the taxes we pay ourselves. Among other things, we present our tax accounts and guidelines for the area so that customers and other stakeholders can see how we work with responsible tax practices.