We believe that in order to realize our Basic Policy on Tax Management, we must strengthen each Nitto group employee’s law-abiding spirit and understanding of tax processes. To that end, we have taken the following steps:
The following discusses the basic principles that support our Basic Policy on Tax Management, which outlines key points related to tax matters that at a minimum all Nitto Denko Group employees should understand and adhere to. The assumptions below underlie the discussion of the basic principles contained thereafter.
The following points are important to the Nitto Group and will continue to be thoroughly addressed.
We will strive to raise tax compliance awareness among all employees of the entire group. Furthermore, amidst the growing ESG awareness of society as a whole, we will demonstrate the following ideas to all stakeholders. The establishment or modification of this policy shall be subject to the approval of the director overseeing accounting and finance.
We are committed to complying with applicable tax laws and regulations in every country we operate, appropriately utilizing tax incentives in the countries where they are available and ensuring our tax affairs are managed with the interest of all stakeholders. Based on the Nitto Group Business Conduct Guidelines, we will act with the highest ethical standards and transparency and comply with all tax filing and payment obligations in each country we operate. In addition, we will abide by the following basic rules to ensure we are duly fulfilling our tax responsibilities.
We do not actively take risky tax positions that cannot be justified based on the tax laws of each country but there is a possibility that tax authorities may not accept a certain tax position even if we determined it can be reasonably supported. Therefore, we will consult with external advisors and take advantage of advanced ruling systems made available by relevant tax authorities as necessary and prepare documentation presenting a transparent discussion of the issues to minimize relevant risks.
Based on our transparent tax governance structure, the Nitto Group places the highest priority in ensuring the management of our tax affairs are consistent with all stakeholder expectations and therefore seeks to maintain a mutually open and cooperative relationship with the tax authorities of each country. We will ensure preventive measures are taken to avoid the reoccurrence of past tax issues addressed by tax authorities, while cooperating through the use of advanced ruling systems and other approaches in the event there is uncertainty on the tax treatment, interpretation of tax laws and other relevant issues with respect to future transactions.
Country | Applicable Law | Content of the Law |
United Kingdom | Finance Act 2016 Schedule 19(2) | The head of the sub-group must ensure that a sub-group tax strategy for the sub-group, giving the information required by paragraph 20, is prepared and published in accordance with this paragraph. |
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