37 Sustainability Report 2024 Fostering Action on Climate Change Fostering Responsible Supply Chain Fostering An Inclusive Workplace GRI Content Index quality and safety at the core of our business, we take extreme care of the way we do business to ensure customer health and safety. With proper packaging and labeling as per regulatory requirements, we have been able to maintain zero product recalls, or complaints related to customer health and safety or wrongful marketing and labeling practices. At Arise IIP, we have formulated robust data protection and cyber security practices across our locations of operations. Considering data is the new currency, we take utmost care of the way data is handled and secured at its premise and systems. Focused on automation, we are also leveraging systems such as SAP Control Tower, EHS Modules, etc. to manage our environmental and social performance and data. As a result of our ongoing initiatives, no customer data breaches have been recorded in the reporting period. Tax Transparency Taxes are an important source of government revenue and play a crucial role in the fiscal policy and macroeconomic stability of countries. Our business supports and boosts local economies, and the taxes we pay reflect that our profitability depends on various external factors, such as access to workers, markets, public infrastructure and services, natural resources, and public administration. As a responsible company, we seek to comply with tax legislation and meet the expectations of good tax practices for our stakeholders. Our tax strategy is aligned with our corporate governance framework and our compliance and risk management framework. The group tax team regularly reviews the current tax and regulatory laws in different regions and adapts our tax strategy accordingly. Our tax strategy is aligned with the emerging trends in the businesses in which we operate. We discuss the tax strategy and overall tax governance and risk management framework with our internal stakeholders regularly. Tax incurred is an indicator of our economic performance, and therefore, we take cognizance of and calculate countryby-country tax. Compliance with countrywide tax regulations is a key priority for us in each jurisdiction where we operate. We seek to comply with tax filing, tax reporting, and tax payment obligations as per the laws of the respective countries. We also seek external tax advisor support on a need basis to comply with local country tax regulations. As we operate special economic zones in, we have been awarded tax benefits in these countries of operations as per applicable laws. These benefits include but are not limited to corporate tax and Value Added Tax (VAT) exemption for a given period as permitted by local laws. At Arise IIP, we maintain open and constructive relationships with tax authorities in the countries of our operations. Each of our operations files individual tax returns/filings according to statutory laws and engages proactively with the local tax authorities.
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