Taboola - UK Tax StrategyLast Update:
Taboola is a technology company that develops and operates an online content recommendation platform (“Taboola Platform”). Taboola’s Platform technology uses artificial intelligence to recommend interesting articles, videos, products and services. Taboola’s recommendation feed is typically marked with taglines such as “Content you may like”, “Trending on the Web” or “More to Explore” and is integrated into thousands of news and entertainment websites.
Skimlinks develops and operates a content monetization platform for online Publishers and Merchants (“Skimlinks Platform”). The Skimlinks Platform automates affiliation of publisher commerce content. The Skimlinks Platform offers easy and flexible implementation options for accessing hundreds of millions of products in a structured content format.
Introduction to Tax Strategy
The tax strategy of Taboola Europe Limited, and its affiliated entity in the UK, Skimbit Limited, (hereafter referred to collectively as “Taboola”) for the financial year end 31 December 2022 is outlined in this publication.
This tax strategy applies to Corporation Tax, Value Added Tax, Employment Tax relevant to Taboola.
The tax strategy is reviewed and approved annually by the relevant board of directors (the “Board”), and such relevant Board are the owners of this document.
The approach to Tax Risk Management and Governance Arrangements
Financial integrity and fiscal responsibility are central to our professional conduct. We maintain a system of internal controls to reinforce our compliance with legal, accounting, tax and other regulatory requirements in every region in which we operate. We are committed to adhering to tax regulations and practices and making accurate, complete and timely tax submissions in accordance with the applicable tax laws and regulations in the UK. Also, we continuously monitor changes to tax legislation, ensuring that we take advice where appropriate from professional advisers.
We are subject to various laws that prohibit bribery in virtually every kind of commercial setting. We do not tolerate tax evasion activities and all employees have to complete compliance training and annually attest to our Code of Conduct.
Decisions are made at an appropriate level and delegated authority is granted where necessary. Where required, our tax expertise is supplemented through engagement with local tax advisors.
VP Finance is responsible for the monitoring and managing our tax risks. Tax Manager and/or Director of Finance Operations are responsible for maintaining and implementing tax policies, which are supported by appropriate systems and effectively designed controls and processes to manage the tax risks. The controls are tested on an annual basis for operational effectiveness.
Taboola’s Chief Executive Officer (CEO) is responsible for Taboola’s day-to-day management. The day-to-day implementation of the tax strategy is delegated to the Chief Financial Officer and the VP of Finance, who are supported by the finance team and the Tax Manager in particular. We seek to identify, evaluate, monitor, and manage tax risks to ensure that we comply in full with our legal obligations. Additional assistance from external advisors is sought when required.
Attitude Towards Tax Planning and Level of Risk
We do not enter into any tax planning arrangements or transactions that lack a strong commercial and economic substance, or that involve any artificial or contrived steps. All our transactions are in line with the spirit of tax legislation and the law. We will seek advice from our tax advisors, and if appropriate clarity from the tax authorities, should there be any uncertainties related to application of the tax law to a particular transaction.
We are committed to meet our obligation to pay a fair and suitable amount of tax in the UK and where we conduct our business. When UK tax incentives and exemptions are available we will utilize them as intended by the law and tax authorities.
Working with HMRC
We are committed to maintaining an open and constructive relationship with HM Revenue & Customs (“HMRC”). We proactively engage with HMRC to keep them informed of any potential tax matters that may arise. Should there be any enquiries from HMRC we respond in a timely manner.
When submitting tax computations and returns to HMRC, we disclose all relevant information. Should the interpretation of UK tax law be unclear, we proactively engage with HMRC and our advisors to seek clarity.
Our published UK tax strategy, which has been approved by the Board, satisfies Paragraph 19(2), Schedule 19 of the UK Finance Act 2016, in respect of the financial year ending 31 December 2022.