X

Legal

GENERAL DISCLAIMER

Hanwha Techwin Europe Ltd.  is pleased that you are visiting this site and we are pleased to provide the information on this server. We encourage you to print copies of the information for your personal use, store the files on your computer, and establish link with this server from your own documents. We need to advise you, however, of some legal limitations and restrictions that we impose to all visitors to this and related sites. We ask that you respect the rules described below. This site contains information which is proprietary property of HANWHA TECHWIN EUROPE.

HANWHA TECHWIN EUROPE retains all rights to such Services and Materials. Services and Materials are intended only for Hanwha Techwin Europe’s customers and are provided only for your convenience.

HANWHA TECHWIN EUROPE grants you no license or property rights to any such Services and Materials. HANWHA TECHWIN EUROPE does not warrant the accuracy, completeness, or reliability of Services and Materials and other items contained on this server or any other server. Therefore, you are not to rely on any Services and Materials provided in this site unless we expressly advise you in writing that you can.

Please do not rely upon or utilize the Services and Materials to purchase, sell, trade, or transact in any securities. Note that information provided herein do not meet disclosure requirements of regulatory bodies as may be required in different countries, including but not limited to, the U.S. Securities Exchange Commission. Please do not make any investment decisions based upon Services and Materials provided herein.

THE SERVICES AND MATERIALS ARE PROVIDED BY HANWHA TECHWIN EUROPE ON AN AS IS BASIS, AND HANWHA TECHWIN EUROPE EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY SERVICE OR MATERIALS. IN NO EVENT SHALL HANWHA TECHWIN EUROPE BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER WITH RESPECT TO THE SERVICE AND MATERIALS.

The information regarding the stocks and any information contained in this Web Site do not constitute an offer by HANWHA TECHWIN EUROPE of any of its securities nor does it constitute a request for an offer to buy any securities. Although you may freely download Services and Materials from this and related sites, HANWHA TECHWIN EUROPE retains all trademark right and copyright on all text and graphics. You have no right to reproduce them in any way other than for your personal use.

 

Tax strategy of Hanwha Techwin Europe

Hanwha Techwin Europe Ltd. are publishing this tax strategy for the 2018 financial year to comply with their duty under paragraph 16(2) Schedule 19 of the UK Finance Act 2016.

We (Hanwha Techwin Europe) act responsibly in all out tax matters, recognising the importance of paying the right amount of tax. We take an objective view of the generally understood interpretation of the relevant laws and regulations. We seek to build constructive relationships with tax authorities in the UK and provide transparent disclosure to ensure that all our stakeholders are well informed about out tax matters.

Company Overview

Hanwha Techwin Europe Limited (“HTE”) is a wholly owned subsidiary of Hanwha Techwin Company Ltd (“HTW”), a company incorporated in South Korea, and a member of the Hanwha group of companies.

HTE’s principal business is the purchase of CCTV and security products from its parent and the sale of these products via distribution throughout Europe and Turkey.

Compliance

HTE is committed to complying with all aspects of UK tax law and practice. Compliance means ensuring the correct amount of tax is paid at the right time and all tax returns are submitted to HMRC in accordance with due dates.

This approach applies to all UK taxes applicable to HTE’s operations including corporation tax, VAT and payroll taxes.

We endeavour to contribute to the national economy and social development through improving productivity, job creation, faithful tax payment, and making contributions to society.

Governance & Management of Tax Risk

Ownership of our tax strategy, as with the wider business strategy, rests with Hanwha Group’s board and HTW in general. The day-to-day responsibility for tax rests within HTE, as taxes by their nature are levied on legal entities rather than on the Hanwha Group or HTW as a whole.

HTE and its parent company share a low risk approach to tax governance, and adhere to internationally accepted laws and regulations. If a risk is identified either in relation to compliance or the understanding of complex tax requirements, professional external advice is obtained.

HTE’s Chief Financial Officer is responsible for the company’s compliance with UK tax requirements and for the management of their tax risks. The finance team together with external professional advisors provide support to the CFO in relation to the preparation of tax returns, and observing and implementing changes to UK tax law.

HTW’s Compliance Team in Korea monitor HTE’s tax compliance and tax risk on a regular basis.  Any risks thought to be significant are reported to the Board of Directors and to the Audit Committee. CFO provides updates on material tax matters as part of the regular updates to HTW and Hanwha Group’s board.

Tax planning

HTE has a conservative approach to taxation issues and seeks to ensure its tax affairs reflect the regulatory, legal and commercial environment in which its business operates. All decisions are taken after careful consideration of all the issues and potential impacts. HTE does not employ aggressive interpretation of the tax law, or partake in tax avoidance schemes which are contrary to the intention of the law.

The external tax advisers are consulted to provide advice on commercial transactions to identify risks and ensure tax compliance.

HTE’s operations are closely linked with that of its parent company, in particular through the purchase of goods for resale, product development and shared services such as the IT systems.
HTE is the representative of HTW’s business interests in the UK and Europe. HTE receives tax advice from our tax teams in Hanwha Group, HTW, and country level comprising individuals with a mix of industry and business knowledge and subject matter expertise, in order to ensure any tax implications of these operational arrangements such as transfer pricing, are adequately addressed to ensure both companies are compliant with UK tax requirements at all times. From time to time we engage external tax advisers to provide specialist expertise, to provide second opinions on significant transactions, and to help us with insight on industry practice. This situation is closely monitored both by HTE’s Chief Financial Officer and finance team, and HTW’s compliance team.

Interaction with Tax Authorities

We understand our tax affairs are complex, given the range of taxes that apply to our businesses and the cross-border dimensions that come from being an international group.

HTE has an open and transparent relationship with HMRC and endeavours to communicate with honesty, integrity and in a co-operative and professional manner, and enhancing mutual trust and cooperative relationships. If a situation arises requiring clarification or interpretation of a complex tax matter, HTE will aim to work pro-actively with HMRC to ensure HTE adopts the most appropriate treatment.

 

Bob Hwang

Managing Director

Hanwha Techwin Europe

31 January 2018

This post is also available in: Anglais, Allemand, Italien, Russe, Espagnol, Portugais - du Portugal, Tchèque, Polonais, Suédois, Turc