Visa maintains a network of relationships that is the heart of our business. We know that trust must be continuously earned and are committed to being a transparent and reliable partner in business and in engagement with governments and the communities we serve.
Visa operates globally and seeks to comply with applicable laws, regulations and requirements in countries around the world. Our policies, risk management and compliance programs, including our Code of Business Conduct and Ethics, are designed to support our compliance with a wide array of regulations and laws and we continually enhance our programs as regulations evolve.
Tax oversight resides with our Executive Management, including relevant oversight committees, and ultimately the Board of Directors and is supported in this by Visa’s internal finance and tax functions. The Senior Vice President, Global Tax is responsible for the management of tax risks, and reports to the Audit and Risk Committee of the Board of Directors regarding corporate tax strategy, risks to our business and impact to effective tax rate.
A global team of tax professionals, in close coordination with business units, manages tax affairs in every Visa region and seeks advice from independent reputable firms as appropriate. Everyone working for, or with, Visa shares a responsibility to follow our Code and work with integrity.
In addition to following the letter of the law, we strive to adhere to the spirit of tax laws. Visa has a zero-tolerance approach to tax evasion or the facilitation of tax evasion. Visa insists on adherence to our values, honoring our commitments, and avoiding activities that could adversely affect our reputation. We make tax planning decisions in a manner that is consistent with Visa’s commercial business and economic activities, evaluating the tax implications and risks related to potential transactions.
Visa seeks to have an open, honest, transparent, and constructive relationship with revenue agencies around the world, including with the United States Internal Revenue Service (IRS), through regular communication. Visa views a strong relationship with revenue agencies as an effective way to ensure compliance with our tax obligations.
Public sector decisions significantly affect our business and industry, as well as the communities in which we operate. For this reason, we participate in the policymaking process through regular and constructive engagement with government officials and other stakeholders. Government debate on tax policy is monitored to deal pro-actively with any potential future changes in tax law. We are committed to conducting these activities in a manner that reflects responsible corporate citizenship and best serves the interests of our shareholders, employees, and other stakeholders.
Effective Income Tax Rate for the Years Ended September 30