Our approach in line with Our Bond

BlueScope supports the global development of improved tax transparency to assist with building trust in the tax systems in which we operate. Our approach to tax is in line with the values and principles set out in Our Bond and our Guide to Business Conduct.  

In recent years, BlueScope has provided information on our tax strategy and tax position in our Sustainability Reports to help meet the expectations of the Australian Voluntary Tax Transparency Code, to which we are a signatory.  

Since FY2019, we have chosen to include those details in a stand-alone Tax Contribution Report. This report provides further commentary in relation to our tax strategy and governance processes and provides information on our contributions globally and effective company tax rates.

FY2022 Tax Contribution Report

Specific details on BlueScope’s UK tax strategy (BlueScope has a wholly owned UK resident subsidiary in its corporate structure, with limited operations), include (noting that this disclosure is intended to satisfy the reporting obligations of Schedule 19 of the Finance Act 2016):

• BlueScope’s approach to risk management and governance in relation to UK taxation is consistent with BlueScope’s approach globally and is documented in its Tax Management Framework
• BlueScope aims to maximise profit and cash repatriation consistent with normal commercial objectives and external advice is sought on key transactions
• As described in the Framework, BlueScope’s tax risk appetite considered appropriate by the Board (globally, including for UK taxation purposes) is conservative
• BlueScope’s approach towards dealings with HMRC is as required given its limited UK operations