We are one
Miles is part of LF Europe which in turn is part of Li & Fung, a Hong Kong listed multinational with over 100 years of supply chain experience. Li & Fung is creating the supply chain of the future, with the mission to make a everyones life better along our global supply chains.
Founded in 1906 in Canton (today’s Guangzhou, China), our initial startup business focused on trading porcelain, antiques, handicrafts and fireworks from China to the West. Today we are a multinational corporation that manages complex supply chains for brands and retailers around the world.
We offer end-to-end supply chain solutions from product design and development, raw material sourcing, factory selection, production management and quality control, to global freight management and e-logistics.
Our business is built upon our people, our time-honored values, financial strength, our culture of innovation, our approach to sustainability and the social impact we make through the Li & Fung Foundation.
With more than 250 offices and distribution centers in over 40 markets across the globe, as well as our extensive network of suppliers, we are dedicated to investing in the future where our reach makes life better for people everywhere.
We are creating the supply chain of the future. As entrepreneurs in a digital world, we create innovative products and end-to-end solutions for our customers.
From product design, to vendor compliance, raw material sourcing, manufacturing control, logistics, and more, we have the unique ability to create flexible, end-to-end supply chain strategies for retailers and brands around the world.
We offer deep expertise in designing and developing private label products from initial product design through development to final delivery, whether it is for fast fashion, ready to wear accessories or gifts. We bring solutions across all product categories and market segments, from mass market to luxury.
We are a leading logistics services provider specializing in key verticals of footwear and apparel, fast-moving consumer goods, food and beverage, retail and electronics.
Through in-county logistics and global freight management, we provide holistic, integrated solutions that spans the time the product leaves the factory to the time it reaches the hands of the consumer.
We’re not just about moving things from one place to another. We analyze each customer’s needs, anticipate challenges, design options and set up contingency plans so our customers never have to worry about the journey.
Our values form the basis for our culture, business strategies and brand.
They bring us together and guide what we do.
We are entrepreneurs – Our company was started by two entrepreneurs in Guangzhou in 1906. Fung Pak-liu and Li To-ming joined forces to create and develop a successful business by identifying where the opportunity for sourcing products met customer needs in faraway markets. That same entrepreneurial spirit of agility and simplicity is very much alive today and continues to drive the way we support our customers, suppliers, the industry and communities to grow.
We are humble – Having evolved from a ‘start-up’ to a global supply chain orchestrator, creating value for our customers has been driving our success. Our mission is to provide innovative supply chain and logistics solutions that meet the needs of our customers and add long-term value to their businesses.
We are family – Trust and integrity are the cornerstones of our long-lasting relationships and essential to foster loyalty and teamwork. We care about our people, our customers, vendors and communities and about creating a sustainable future together.
Li & Fung Group – UK Tax Strategy
Li & Fung Limited and its affiliates (“Li & Fung” or the “Group”) specialises in the management of global supply chain and logistics solutions for brands and retailers around the world. The customers of the Group include department stores, hypermarkets, specialty stores and chain shops located globally.
This tax strategy document is published in accordance with Schedule 19 of the UK Finance Act 2016 by LF Europe Limited in respect of all the UK entities within the Group (“UK Group”). This document has been approved by the directors of the UK Group on 20th September 2023 and will be reviewed and where necessary, updated, on an annual basis.
Approach to Tax and Tax Governance
Li & Fung’s approach to tax is based on compliance with our reporting requirements and adherence with the relevant tax laws and regulations to pay the correct amount of tax, making use of government offered reliefs where applicable, with a view to deliver value to our shareholders.
The following covers the UK Group’s (A) Governance towards compliance and reporting (B) Attitude/approach towards tax planning and risk management and (C) Approach towards working with HMRC.
(A) Governance towards Compliance & Reporting
In accordance with Li & Fung’s Code of Conduct and Business Ethics, employees are required to ensure all transactions are properly included in the books and records. All accounting information must be reliable so that it can be used for preparation of financial statements, statutory audit and other compliance purposes.
As a major subdivision of a former Hong Kong listed company, the UK Group are well aware of the importance of compliance with the relevant tax laws, obligations and tax practices regarding the tax filing and payment of taxes. The Board and Audit Committee are kept up to date on a timely basis as regards legislative changes and any significant tax risks. The Group Tax team in Hong Kong’s headquarter, comprised of experienced tax professionals, has overall responsibility for tax within the Group.
The UK Group engages with professional tax advisors to ensure tax compliance. In addition to Li & Fung’s own research and training, Li & Fung maintains relationships with its professional advisors to ensure the UK Group are kept fully informed of the latest development of tax regulations and to ensure all transactions, as well as tax returns, are compliant with the relevant laws and regulations.
(B) The UK Group’s Attitude/Approach towards Tax Planning and Risk Management
Li & Fung believes in a principled approach to tax planning. Business structures and transactions are undertaken to reflect the commercial requirements and cater to the operational needs of the Group.
As the Group has strict governance on compliance and reporting, the UK Group is not permitted to take material tax risks or expose the Group to uncertain tax positions. As such, whenever the UK Group deals with any significant transactions or when they experience uncertain tax positions, the UK Group seeks advice from professional tax advisors and obtains consent from the Group Tax team in Hong Kong’s headquarter.
In response to the Base Erosion and Profit Shifting (“BEPS”) project launched by the Organization for Economic Co-operation and Development / G20, our in-house tax experts and profession tax advisors are working closely on aligning our processes and practices to ensure compliance with the new requirements under the BEPS.
(C) The UK Group’s Approach towards Working with HMRC
The UK Group seeks to maintain an open and honest relationship with HMRC taking a proactive approach to engage with them where considered appropriate.
Where there is uncertainty in the interpretation of tax regulations and other questions relating to current tax practices, the UK Group take advice from professional advisors, and where appropriate, seek advice from HMRC to gain certainty on the approach taken.