In compliance with section 161 and section 22(2) of Schedule 19 Finance Act 2016, Wacker Neuson Limited (“the Company”) is publishing its tax strategy for the year ending 31 December 2022.
Our business has a strong focus on corporate responsibility, and we see responsible administration and payment of taxation as a responsibility of our business.
Our overall tax strategy is to:
- Meet all legal requirements and to make all appropriate tax returns and tax payments.
- Seek to utilise available tax reliefs and incentives, where available, in a manner which is consistent with the government’s policy objectives.
- Operate in an environment where we consider tax compliance and the importance of meeting our obligations.
Risk management and governance arrangements
We want our tax affairs to be transparent and compliant with tax legislation, and recognise that managing tax compliance is increasingly complex. Our internal structure is set up to ensure:
- The Directors understand the importance of tax compliance and how it is achieved.
- There is a constant dialogue between the Directors and those tasked with the operation of our finance function, regarding the way our business manages its tax risk.
- The business portrays a positive view towards tax compliance and the importance of meeting our obligations.
We keep under review how we meet our tax obligations, be it seeking external tax advice, investing in tax training for our staff and also how we manage our relationship with the tax authorities.
Tax planning
We undertake tax planning as part of our overall business strategy. We do not undertake aggressive tax planning, the sole purpose for which would be obtaining a tax advantage.
Attitude towards risk
The Directors see compliance with tax legislation as key to managing our tax risk. We understand the importance of tax in the wider context of business decisions and have processes in place to ensure tax is considered as part of our decision-making process.
We have relationships with professional advisers that allow us to seek expert advice on specialist areas of tax. Our approach is to ensure we are compliant and understand our responsibilities with regards to tax, rather than looking for ways to aggressively avoid payment of tax.
Relationship with HM Revenue & Customs (HMRC)
Our communication with HMRC is focused around timely tax compliance, for example meeting relevant filing and payment deadlines for taxes the company pays.