Tax Policy

This document sets out the tax policy for Zeon Europe GmbH UK Branch and its approach to conducting its UK tax affairs and dealing with UK tax risk. ZEON has in place a commitment to corporate responsibility which is binding for all employees globally, including the operation in the UK and it ensures lawful business activities in an honest and ethical manner. The comments below are made from a UK tax perspective, being a UK strategy for the UK branch, although the branch is part of a much wider international Group. Our published UK tax strategy satisfies paragraphs 16 and 25 of Schedule 19 Finance Act 2016 and applies for the financial year ending 31 December 2023. It is reviewed annually and updated as appropriate.


We are committed to compliance with tax law and practice. That means paying the correct amount of tax on a timely basis. It involves disclosing all relevant facts and circumstances to the tax authorities while claiming reliefs and incentives where available. We comply with applicable tax laws and do not engage in inappropriate or aggressive tax planning.


We use professional advisers for the completion of tax documentation as it is important for the UK Branch to reflect positively on the wider group. We will not engage in artificial transactions the sole purpose of which is to obtain a tax advantage or for the purpose of tax avoidance in the UK. In structuring our business activities in the UK Branch, we consider UK tax law. We will take steps to take advantage of reliefs and incentives (such as capital allowances) and to avoid double taxation through application of relevant double taxation treaties. Double taxation treaties (e.g. between the UK and Germany, or UK and Japan) are agreements between Governments which are designed to prevent the same income from being taxed in two separate jurisdictions. The Management of the UK Branch is aware of its tax environment and where the potential risks may arise. Although these risks are minimal due to the size and nature of the UK operations, the branch believes it has the adequate governance in place to manage these risks sufficiently and will always seek professional advice if considered necessary by management.


The UK Branch has extensive correspondence with external tax advisers on the submission of tax documents. Key management roles and responsibilities ensure that all applicable regulations as well as internal guidelines and governance procedures relating to taxation are observed and that the UK Branch has effective internal controls and systems to ensure compliance and to mitigate the risks.


The UK Branch is committed to a collaborative relationship with HMRC. We comply with HMRC’s regulations and provide it with regular business updates. We respond within the designated timeframe to all correspondence received from HMRC and seek to resolve any differences or points of uncertainty through transparent discussion. We are committed to timely submission of accurate tax computations and returns in compliance with all tax laws and regulations in the UK.


The governance of our arrangements in relation to UK taxation is under the day-to-day management of our finance team reporting to the Finance Director. These arrangements are approved and under the control of our Senior Management Team based in Germany, of which the Finance Director is a member. Advice is obtained from external professional advisors when it is judged to be required.