The UK Tax Strategy of the Sumitomo Rubber Group
This Sumitomo Rubber Group UK Tax Strategy is effective for the year ending 31st December 2019. In making this strategy available to the public, we are fulfilling our responsibilities pursuant to Schedule 19 of the Finance Act 2016.
As a global enterprise that is dedicated to observing and respecting all applicable laws and regulations, engaging in fair and transparent business activities, contributing extensively to our communities and society and earning the trust and respect of our stakeholders, the Sumitomo Rubber Group (hereinafter, “our Group”) has made it our basic management policy to continue producing new value for more pleasant and attractive lifestyles for our customers while continually enhancing our corporate value for our stakeholders.
One aspect of this basic management policy is our Group’s dedication to fulfilling our tax obligations in an appropriate and ethical manner so that we may contribute to the development of the local and regional communities in which we operate. Our UK Tax Strategy applies to all UK entities in our Group.
Our Management of Tax Risks
By a resolution of our Board of Directors, our Group has established and fully implemented the necessary framework to ensure the proper execution of business of our Group. Management risks that may adversely and materially affect the business activities of the Group shall be addressed by the relevant division and/or subsidiary in advance through analysis of those risks and the planning of countermeasures in accordance with company regulations concerning risk control, which stipulate risk management rules for the entire Group.
Further, we have also established and implemented a system of checks to ensure that our business activities are fair and honest while striving to minimise our Group’s tax risks. If necessary, advice and guidance may be sought from professionals, including our tax advisors, in analysing and planning countermeasures against such risks.
Tax Risks Involving Our UK Subsidiary
As we expand the scope of our operations in the UK in the future, we believe that it will become increasingly important for us to manage and respond to tax risks within the UK. Our Group is committed to regularly reviewing and auditing our situation with regard to tax risk management, not only for our subsidiaries in the UK, but throughout our entire Group while continually revising and improving our tax risk management system as necessary.
Our Approach to Tax Planning
Our Group engages in tax planning activities that appropriately reflect economic entities and are in full accordance with OECD Guidelines as well as the relevant laws and regulations of the various countries in which we operate. Further, our Group has pledged that we will neither exploit tax havens as a means of avoiding taxation nor engage in either business dealings whose primary aim is the reduction of our tax burden.
Our Relationship with Her Majesty’s Revenue and Customs (HMRC)
Our Group considers daily communication with every stakeholder to be an essential aspect of remaining conscious of the responsibilities of our Group. Our Group hopes to build a trust-based relationship with HMRC through the appropriate disclosure of all pertinent information in a timely manner and fully intends to enhance the transparency of our operations. We will also file tax returns and pay taxes on time in accordance with all relevant laws and regulations while working with HMRC to cooperate with official requests by promptly providing all requested information while.