This tax strategy is published in accordance with the relevant provisions of Schedule 19 of Finance Act 2016, and is relevant for the year ending 31 March 2022. Yokogawa United Kingdom Ltd regards this publication as complying with the duties set out under paragraph 19 (2) of that Schedule.
All references to tax are in relation to UK taxation.
Yokogawa United Kingdom Ltd tax strategy is to be compliant with the applicable laws and regulations in the countries in which it operates, to mitigate inherent tax risks and to enhance and protect its reputation.
Approach of this UK entity to risk management and governance arrangements in relation to tax
Responsibility for taxes, including this tax strategy, is delegated to the Financial Controller with the wider finance team assuming day to day responsibility for compliance with local tax laws and regulations.
Within the operating companies of the business, the wider finance team assumes day to day responsibility for compliance with local tax laws and regulations.
This is supported by Group Finance and Tax personnel that oversee all compliance obligations and actively monitor and manage risks together with the wider business and commercial teams.
The team is sufficiently trained/qualified and has the necessary skills and experience to apply the approach set out in the tax strategy.
The tax strategy is aligned with the Group’s Risk Assessment framework. Key risks and issues are escalated to the Executive Leadership Team on a regular basis.
Attitude of the UK Group towards tax planning
It is recognised as a matter of principle that Yokogawa Group has a responsibility to pay an appropriate amount of taxes in each of the jurisdictions in which it operates.
This is balanced with the overarching objective to derive sustainable economic value from the business activities of the group.
Where applicable Yokogawa United Kingdom Ltd will seek to utilise tax incentives and reliefs which are statutorily available, e.g. R&D credits.
Yokogawa United Kingdom Ltd does not participate in any marketed tax avoidance schemes or any arrangements which have no commercial basis.
External advice is obtained where Yokogawa United Kingdom Ltd's position is unclear or complex. This includes a review of the UK corporation tax returns prior to submission to HM Revenue & Customs.
Level of risk in relation to UK taxation that the UK Group is prepared to accept
Yokogawa United Kingdom Ltd has a conservative attitude to tax planning. The tax risks (both operational and transactional) are considered as part of the Group’s broader risk management framework.
Yokogawa United Kingdom Ltd will not adopt a tax position which is analogous with an aggressive interpretation of the tax laws.
The approach of the UK Group toward dealings with HM Revenue & Customs
Yokogawa United Kingdom Ltd aims to fully comply with all tax filing, reporting and payment obligations. It is Yokogawa UK’s intention to maintain good effective working relationships with HM Revenue & Customs through a collaborative approach which is open, honest and transparent.
The appetite for risk is low and Yokogawa United Kingdom Ltd seeks to fully engage in respect of any enquiries/investigations through timely and complete information flows and communication.