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As required by UK law, Cheniere's disclosure of its UK tax strategy for the Financial Year ended 31 December 2024 is available below.
Our Approach to Tax
Introduction
Cheniere is a Houston-based energy company primarily engaged in the production and marketing of liquefied natural gas (LNG) via terminals located along the Gulf of Mexico. The Company operates in accordance with the fundamental principles of honesty, loyalty, fairness and forthrightness in accordance with its established Code of Business Conduct which promotes:
- Full, fair, accurate, timely and understandable disclosure in all reports and documents required to be filed with governmental authorities and in other public communications; and
- Compliance with the applicable government and self-regulatory organization laws, rules and regulations.
Tax planning
We do not participate in artificial tax arrangements, but instead seek to conduct our tax affairs in an efficient manner in compliance with existing law. We seek to apply tax reliefs as intended and, where necessary, request tax rulings so that we have certainty in our tax affairs and operate compliantly. We conduct transactions between Cheniere Group companies in compliance with UK tax law and in accordance with OECD principles. We take a zero-tolerance approach to tax evasion and are committed to acting professionally, fairly and with integrity in all our business dealings and relationships wherever we operate and implementing and enforcing effective systems to counter tax evasion. This commitment includes adhering to those requirements of Part 3 of the Criminal Finances Act 2017, which introduced the Corporate Criminal Offence (CCO) for the failure to prevent the facilitation of tax evasion.
Relationships with governments
We are committed to complying with tax laws in a responsible manner, having open and constructive dialogue with the tax authorities in the jurisdictions in which we operate. We support the principles of co-operative compliance and hold the view that a relationship based on mutual respect and collaboration furthers the aims of the company. We actively seek to ensure that Cheniere pays the legally prescribed amount of tax in the countries in which we operate.
Tax risk management
We do not believe that it is in the interest of the stakeholders for the company to take a high risk approach to tax. The company has controls in place to ensure timely submission of tax returns for all taxes due. We have implemented processes and procedures designed to identify tax risk and ensure such risks are managed and dealt with appropriately. Where issues are identified, we seek to disclose these promptly and make appropriate and timely changes to mitigate tax risk going forward.
Governance
The Chief Accounting Officer owns and implements our approach to tax which is approved by the UK Board and underpinned by a tax control framework. Controls are monitored and tested in line with this policy.
This Policy is intended to comply with the requirements of paragraph 16(2) of Schedule 19 of the Finance Act 2016.