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Our Tax strategy
We 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 and provide transparent disclosure to ensure that all our stakeholders are well informed about out tax matters.
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.
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 believe the tax we pay is a key part of that wider social and economic contribution, helping the communities in which we operate to deliver valuable public services and build the infrastructure that paves the way for growth.
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. 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.
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 services of tax advisers are used to obtain guidance on tax planning and to support the timely and accurate production of tax returns on our behalf in various countries where it is more cost-efficient or operationally sensible to do so.
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. 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.