VF Corporation (hereinafter "VF"), founded in 1899 and headquartered in the United States, is a worldwide leader in branded lifestyle apparel.
VF's diverse and international brand portfolio includes the following brands: Wrangler®, The North Face®, Timberland®, Lee®, Vans®, Nautica®, Dickies®, Bulwark®, Horace Small®, Eagle Creek®, Eastpak®, JanSport®, Kipling®, Napapijri®, Red Kap®, Reef®, Smartwool® and Riders®, among others.
VF is based in Greensboro, North Carolina, and is listed on the New York Stock Exchange under the ticker symbol VFC. VF employs approximately 62,000 people worldwide with reported total revenues of more than USD 12 billion in 2016. For further information please refer to www.vfc.com.
VF is committed to accelerating growth globally, in the most responsible and sustainable way, across its enterprise and all brands. We strongly believe that our success is a direct result of the values we embrace as a company and as people. To us, values such as honesty, integrity and respect are more than words— they are embedded in everything we do.
Our company seeks to ensure that these same values drive our tax strategy and that it remains aligned with our business and commercial goals. To do so, VF follows the below principles regarding UK taxation:
Approach to Risk Management and Governance Arrangements
VF is committed to adhering to all applicable laws, rules, regulations and disclosure requirements in each jurisdiction in which it operates. Senior tax and finance leadership executives regularly report to the Board of Directors on tax matters, and the Board ultimately oversees VF's approach to tax governance.
Acceptable Risk Levels and Attitude Concerning Tax Planning
The company's tolerance for tax risk is low. VF complies with all relevant laws, rules and regulations and only carries out tax planning that supports the company's business goals consistent with the law. The company makes use of statutorily available tax relief based on relevant tax laws, rules and regulations.
Approach Toward Its Dealings with Taxing Authorities, Including HMRC
VF is committed to building transparent, honest and collaborative relationships with the tax authorities. The company proactively monitors changing tax laws, including the OECD transfer pricing guidelines, to ensure that tax procedures and policies can be updated to align with enacted laws. VF also regularly engages external tax professionals to render opinions and advice regarding various tax matters.
This document has been approved by VF's Board for publication in accordance with Schedule 19 of the UK Finance Act 2016.