Tax Strategy

We act in accordance with and seek to comply with, all relevant tax laws and obligations in all countries in which we do business.

Tax Strategy

ASSL’s tax strategy is founded on the firm principle that we comply with the local tax laws of every country where we have business interests.

ASSL Tax Principles

Our approach to tax*

We are guided by the following six tax principles:

We support efforts to increase trust and understanding of the tax system.
We act in accordance with and seek to comply with, all relevant tax laws and obligations in all the countries in which we do business
We abide by tax laws, guidelines, and standards.
We are committed to paying the taxes determined by the laws in which country where we do business.
We do not engage in tax evasion or planning that aims to achieve results that are contrary to the clear intention of the legislation. We do not engage in transactions that are artificial or contrived, nor seek to exploit shortcomings within the relevant legislation.
We take appropriate steps to demonstrate that we are a compliant business with effective tax management processes and controls.

*Tax includes corporate income taxes, duties, payroll, employment taxes, as well as indirect taxes such as VAT, etc.

Governance, Risk Management, and Compliance

Amalgamated Security Services Limited operates in several Caribbean countries and is typically subjected to tax in those jurisdictions. ASSL employs in-house tax professionals to manage the group’s tax risks in a controlled and proactive manner.

ASSL’s approach to tax risk is integrated within our broader business risk management and compliance framework. We classify possible tax risks into the following categories:

Technical taxation risk: the risk that our tax position for specific facts and circumstances is not accepted in whole or part by a tax authority due to uncertainties under relevant tax laws or regulations
Computational taxation risk: the risk that data used in computation or the computation itself used in a tax filing by an organization’s entity is incorrect or is not accepted in whole or part by a tax authority.
Utilization taxation risk: the risk that a potential tax benefit will expire before it can be utilized.
Payment agent taxation risk: the risk that an organization entity incorrectly under-collected or underpaid withholding or other tax collected concerning a customer or an employee’s compensation.
Reputation risk: a consequential effect negatively impacting the reputation of the organization with respect to:
1. Tax administration or other tax administrations
2. Insurance regulators
3. Customer(s) or potential customers or
4. investors

Attitude to tax planning

We manage our tax affairs responsibly and transparently. We only undertake tax planning which aligns with our commercial and economic activity and does not lead to an abusive result.

We utilize government-sponsored tax incentives and exemptions in line with the tax legislation.

Where it is appropriate to do so, ASSL will structure its affairs tax efficiently, to maximize value on a sustainable basis for our customers and stakeholders. Tax planning will only be considered in the context of the commercial needs of the organization and within all applicable laws. We will not consider putting in place any arrangements that are contrived or artificial where the sole purpose is for the avoidance of tax.