Verint Technology UK Limited – Tax Strategy

Introduction

In compliance with section 161 and section 19(2) of schedule 19 Finance Act 2016, the company is publishing its tax strategy for the year ending 31 January 2023. This document, approved by the Board of Verint Technology UK Limited, sets out Verint Group’s policy and approach to conducting its tax affairs and dealing with tax risk, and is made available to all Verint Group’s stakeholders. As the head company of the UK sub-group, we confirm that this strategy will apply to the following UK companies:

  • Verint Technology UK Limited
  • Verint Systems UK Limited
  • Verint WS Holdings Limited
  • BPA Corporate Facilitation Limited

Our business has a strong focus on corporate responsibility, and we see responsible administration and payment of taxation as a responsibility of our business.

Our overall group tax strategy is to:

  • Meet all legal requirements and to make all appropriate tax returns and tax payments.
  • Seek to utilise available tax reliefs and incentives where available in a manner which is consistent with the government’s policy objectives.
  • Consider the tax impact in major or complex business decisions, for example acquisitions.
  • Operate in an environment where we consider tax in the context of our reputation and brand.
  • Comply with appropriate tax risk processes, and ensure there is Board oversight into this compliance.

Governance, Assurance and Tax Risk Management

We want our tax affairs to be compliant with tax legislation, and recognise that managing tax compliance is increasingly complex. Our internal structure is set up to ensure adequate dialogue between the Board and those individuals tasked with the operation of our finance function regarding the way our business manages its tax risk.

We keep under review how we meet our tax obligations, by seeking professional external tax advice, and by employing skilled staff with requisite tax knowledge. We encourage on-going tax training for our staff and require appropriate conduct with respect to our relationship with tax authorities.

The attitude of the group towards tax planning

We undertake tax planning as part of our overall business strategy. Professional advice is sought on a transactional basis, with the depth of such advice being

driven by our assessment of the risk presented by each opportunity. We have a responsibility to minimise our tax risk and our exposure to negative publicity through non-compliance.

Attitude towards risk

The Board sees compliance with tax legislation as key to managing our tax risk. We understand the importance of tax in the wider context of business decisions and have processes in place to ensure tax is considered as part of our decision making process.

We have relationships with professional advisers that allow us to seek expert advice on specialist areas of tax. Our approach is to ensure we are compliant and understand our responsibilities with regards to tax.

The Board is conscious of the hugely negative publicity attracted by a bad attitude towards tax, and sees strong internal processes and a good relationship with our professional advisors as the best way to manage this reputational risk.

The approach of the group towards relationship with HM Revenue & Customs (HMRC)

Verint is committed to the principles of openness and transparency in its approach to dealing with tax authorities wherever we operate around the world. All dealings with the tax authorities and other relevant bodies will be conducted in a collaborative, courteous and timely manner. Our communication with HMRC is focused around timely tax compliance, for example meeting relevant filing and payment deadlines for taxes the company pays.

We employ the services of professional tax advisers to act as our agents, and in a number of cases they liaise with HMRC on our behalf. This is viewed by the Board as a way to ensure we have effective communications with HMRC, thus reducing tax risks.