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Introduction
WeWork is on a mission to reinvent the way people work through designed space, flexibility, technology, and community.
As we continue to build a global movement focussed on changing how the world works, we are cognisant that we must lead through a culture of integrity and always hold ourselves to the highest standards of business conduct.
Our approach to tax is aligned with our standards of business conduct – in driving success, we act with integrity and we act with respect.
Tax compliance and reporting
WeWork is committed to complying with tax law and practice in all jurisdictions in which we operate.
In meeting this commitment, WeWork seeks to ensure appropriate levels of tax governance and risk management processes when managing compliance and reporting obligations.
In meeting its compliance obligations, WeWork ensures the application of appropriate care and judgement whilst maintaining documentation of such and monitoring changes to tax legislation.
Tax risk management and governance
WeWork fosters a culture of tax risk management – it maintains an internal tax function of appropriately qualified and experienced staff and engages external advisors as appropriate in executing its tax obligations.
The tax risk and governance arrangements in place at WeWork ensure that tax risks are assessed and escalated as appropriate to the Global Head of Tax and Audit and Finance Committee.
Tax planning
WeWork seeks to maintain a culture of integrity, compliance and ethics – this culture includes our approach to tax planning.
In undertaking any business decision which has a tax impact, we evaluate risk and take decisions responsibly, seeking external advice as may be appropriate from time-to-time.
WeWork does not enter into artificial or abusive arrangements in order to reduce our tax liabilities and we are committed to paying the right amount of tax in all jurisdictions in which we operate.
In manging the global nature of its business, WeWork seeks to conduct cross-border transactions between group companies on an arm’s-length basis and in accordance with OECD principles.
Level of tax risk accepted
WeWork recognises that by virtue of the scale of its business, risks will arise from time-to-time but seeks to proactively identify, evaluate, manage and monitor tax risks with the aim of ensuring compliance with tax reporting obligations.
Tax risks will be assessed on a case by case basis with the aim of ensuring any tax position taken is reasonable and in line with tax law and practice.
Relationship with HMRC
WeWork seeks to build a transparent and sustainable relationship with HMRC, and in doing so commits to:
Ensuring compliance with tax governance requirements
Engaging with HMRC on an open, complete, and timely basis
Working collaboratively with HMRC in resolving dispute and any identified risks
WeWork considers the above as complying with its duty under paragraph 19(2) of Schedule 19 of the Finance Act 2016 to publish its UK tax strategy.
Last updated on 30 September 2023