Zeon Europe GmbH UK Branch regards this policy as complying with its duty under paragraphs 16 and 25 of Schedule 19 Finance Act 2016. This policy applies to Zeon Europe GmbH UK Branch for the financial year ending 31 December 2017 and applies to all subsequent years until superseded.
The comments below are made from a UK tax perspective, being a UK strategy for the UK branch only, although the branch is part of a much wider international Group.
COMMITMENT TO COMPLIANCE - 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.
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 do not engage in any risky or contentious tax planning 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.
RISK MANAGEMENT – The UK Branch has extensive correspondence with external tax advisers on the submission of tax documents. Key management roles and responsibilities ensure that the UK Branch has effective internal controls and systems for correct tax treatment.
DEALINGS WITH HMRC - We engage with HMRC openly and honestly and in a spirit of co-operative compliance. We meet with HMRC on an adhoc basis to explain our business and any relevant tax issues that arise. We seek to resolve any differences through transparent discussion. We seek to ensure that all statutory deadlines are met.
GOVERNANCE - 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).