ICL, global mining and manufacturer of products based on unique minerals, fulfils humanity’s essential needs, primarily in three markets: agriculture, food and engineered materials.
The experience, knowledge and professionalism derived from establishing Israel’s potash industry over a period of 80 years of intensive activity, have transformed ICL into a world leader in speciality fertilizers, bromine and flame retardants. ICL produces approximately a third of the world’s bromine and is the world’s sixth-largest potash producer, as well as one of its leading providers of pure phosphoric acid. We strive to be a world-class operator, a responsible corporate citizen and a good employer.
Our business activities generate a substantial amount and variety of taxes worldwide. We pay corporate income taxes, royalties on natural resources excavation, production taxes, stamp duties, employment and other taxes. In addition, we collect and pay employment taxes as well as indirect taxes such as excise duties and VAT.
The taxes we pay and collect form a significant part of our economic contribution to the countries in which we operate. ICL is committed to complying with tax laws in a responsible manner and to having open and constructive relationships with tax authorities. ICL supports efforts to increase public trust in tax systems. ICL’s code of conduct sets out what is expected of everyone at ICL and our approach to tax aligns with that.
Our commitment is underpinned by the following principles:
We engage in efficient tax planning that supports our business and reflects commercial and economic activity. We do not engage in artificial tax arrangements. We adhere to relevant tax law and we seek to minimize the risk of uncertainty or disputes. We conduct transactions between ICL group companies on an arms-length basis and in accordance with current OECD principles.
Tax incentives and exemptions are sometimes implemented by governments and fiscal authorities in order to support investment, employment and economic development. Where they exist, we seek to apply them in the manner intended. We establish entities in jurisdictions suitable to hold our overseas investments, giving consideration to our business activities, the prevailing regulatory environment available, and as appropriate in line with joint venture requirements.
We seek to build and sustain relationships with governments and fiscal authorities that are constructive and based on mutual respect. We work collaboratively wherever possible with fiscal authorities to resolve disputes and to achieve early agreement and certainty. We engage with governments on the development of tax laws either directly or through trade associations and other similar bodies as appropriate.
We support the principle behind multilateral moves towards greater transparency that increase understanding of tax systems and build public trust.
We identify, assess and manage tax risks and account for them appropriately. We implement risk management measures including controls over compliance processes and monitor their effectiveness. We report on a periodic basis to the group management on how tax risks are managed, monitored and assured and on improvements that are being made.
The group head of tax owns and implements our approach to tax which is approved by the Global Executive Committee. The group head of tax is also responsible for ensuring that policies and procedures that support the approach are in place, maintained and used consistently around the world and that the global tax team has the skills and experience to implement the approach appropriately.
Our approach to tax is applicable across the whole ICL Group.