John Bean Technologies Corporation – 2020 UK Tax Strategy
In compliance with Section 161 and Para 19(2) of Schedule 19 Finance Act 2016, John Bean Technologies Corporation (“JBT”) is publishing its UK tax strategy for the tax year ending 31 December 2020, which will apply from the date of publication until superseded and will apply to all John Bean Technologies UK group companies.
This UK Tax Strategy refers to taxes and duties in the UK which include:
- All corporate income taxes
- Indirect taxes including VAT, stamp duty
- Employment taxes including PAYE, National Insurance
- Other Applicable tax matters
John Bean Technologies Corporation is headquartered in Chicago, Illinois, and its shares are listed on the New York Stock Exchange. JBT is a leading global technology solutions provider to high value segments of the food processing and air transportation industries. JBT has subsidiaries in many countries, including the UK. In 2019, JBT completed the acquisition of Proseal UK Limited, a leading provider of tray sealing technology which is headquartered in the UK with additional production facilities in the USA and Australia.
JBT highlights its core values and its code of business conduct and ethics on the JBT website (visit our Corporate Governance page). The board of directors of John Bean Technologies Corporation has adopted the code of ethics and business conduct for members of the board, and all executive officers and other employees of the company.
JBT’s Approach to Risk Management and Governance
John Bean Technologies Corporation strives to comply with UK laws, rules, and regulations. The JBT website states, under Corporate Governance, that JBT strives to comply with all laws, rules and regulations of the places JBT does business. It is the personal responsibility of each of the directors, executive officers and other employees to adhere to the standards and restrictions imposed by these laws, rules and regulations.
John Bean Technologies Chief Financial Officer has the responsibility and authority to ensure compliance with UK tax legislation. Significant risks are escalated to the board of directors who are ultimately accountable and have oversight of any risks.
The Chief Financial Officer has delegated the day-to-day management of the company’s tax affairs to the tax department under the direction of the Vice-President, Global Tax, who is supported by UK Finance and UK Tax professionals to ensure compliance.
The John Bean Technologies Corporation core values and code of business conduct and ethics means that JBT has a low tolerance for tax risk and endeavors to comply with UK tax rules and regulations, reporting requirements, and payment obligations, and allows JBT to identify, monitor, and mitigate potential UK tax risks so that JBT’s UK tax filings and other UK tax compliance obligations are as accurate and transparent as possible, and that JBT properly identifies tax risks. The UK Finance and Tax teams regularly review existing processes and controls to ensure that these are fit for purpose and operating as intended.
To further mitigate tax risks and to comply with UK tax rules, JBT seeks UK tax advice as appropriate on a regular basis from external tax and legal advisors, which allows JBT to support the businesses on tax decisions and to provide guidance with regard to the application of UK tax rules, including, but not limited to, incentives on capital allowances, UK group loss relief rules, research and development etc., which helps manage JBT’s tax burden.
JBT’s Approach to Tax Planning
JBT’s global and UK tax organization work with the UK businesses to provide tax planning that aligns with the business operations, enhances value, and manages tax risks.
Through tax planning, JBT seeks to pay the appropriate taxes in the UK on its businesses.
Transactions between UK group companies, both within the UK and overseas, are conducted on an arms’ length basis and in accordance with OECD (Organization for Economic Cooperation and Development) principles.
JBT’s Relationship with HMRC
John Bean Technologies Corporation engages with HMRC, and all tax authorities, in a transparent, respectful, and cooperative manner. JBT endeavors to make all tax filings accurately and timely and to comply with applicable disclosure requirements.
All UK corporate income tax returns are reviewed internally and are approved by the JBT tax department before being submitted to HMRC.
It is JBT policy to provide complete and timely responses to HMRC correspondence and to disclose any material errors in submissions as soon as reasonably possible after the errors have been identified.
This statement was approved by JBT Corporation Management in December 2020.