For Fujitsu General (U.K.) Co. Limited and Fujitsu General Air Conditioning (UK) Limited Tax Strategy
Introduction to Group structure
This strategy applies to Fujitsu General (U.K.) Co. Limited and Fujitsu General Air Conditioning (UK) Limited ("Fujitsu General UK") in accordance with Schedule 19 to the Finance Act 2016. For completeness, a list of the entities to which it applies is set out below. In this strategy, references to 'Fujitsu General UK', 'the firm' or 'the group' are to all these entities. The strategy is being published in accordance with paragraph 16(4) of the Schedule.
This strategy applies from the date of publication until it is superseded. Date of publication: 20 March 2019. References to 'UK Taxation' are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to 'tax', 'taxes' or 'taxation' are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the Group has legal responsibilities.
Fujitsu General UK is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The group's tax affairs are managed in a way which takes into account the group’s wider corporate reputation in line with Fujitsu General UK’s overall high standards of governance.
Governance in relation to UK taxation
- Ultimate responsibility for Fujitsu General UK's tax strategy and compliance rests with the local board of Fujitsu General (U.K.) Co. Limited, in consultation with Fujitsu General UK's wider tax function and the board of Fujitsu General Limited in Japan. The Company Secretary of Fujitsu General (U.K.) Co. Limited is responsible for the implementation of this strategy in Fujitsu General UK;
- The Fujitsu General UK tax team is staffed with appropriately qualified individuals; and
- The Board ensures that Fujitsu General UK's tax strategy is one of the factors considered in all investments and significant business decisions taken.
- Fujitsu General UK operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the group's financial reporting system;
- Fujitsu General UK seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations;
- Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required;
- Appropriate training is carried out for staff outside the tax team who manage or process matters which have tax implications;
- Advice is sought from external advisers where appropriate.
Attitude towards tax planning and level of risk
Fujitsu General UK actively look to minimise tax risk where possible and manage risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, Fujitsu General UK seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. Fujitsu General UK does not undertake tax planning unrelated to such commercial transactions.
The level of risk which Fujitsu General UK accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the group’s tax affairs. At all times Fujitsu General UK seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
Relationship with HMRC
Fujitsu General UK seeks to have a transparent and constructive relationship with HMRC by communicating openly regarding developments in Fujitsu General UK's business, current, future and retrospective tax risks, and interpretation of the law in relation to all relevant taxes.
Fujitsu General UK ensures that HMRC is kept aware of significant transactions and changes in the business and seeks to discuss any tax issues arising at an early stage. When submitting tax computations and returns to HMRC, Fujitsu General UK discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
List of entities covered by this Tax Strategy
|UK||Fujitsu General (U.K.) Co. Limited|
|UK||Fujitsu General Air Conditioning (UK) Limited|