Tax Strategy for Mitsubishi Corporation Group's UK Companies
December 31, 2022
The publication of this statement is in accordance with the statutory requirements under Para 19(2) and Para 22(2) Schedule 19 of Finance Act 2016. This statement applies to all Mitsubishi Corporation group entities in the UK as of December 31, 2022.
1. General provisions
Our taxation policy is fully aligned to the wider strategy of the company as outlined in its corporate principles and policies. The three corporate principles – Corporate Responsibility to Society; Integrity and Fairness; and Global Understanding through Business – are at the heart of the company. Building upon the foundation of these three principles, “Standards of Conduct” establish the group's expectations with regard to how business should be conducted, together with the “Code of Conduct” which provides guidance to all officers and employees within the group to comply with all applicable laws, rules and regulations, international standards, and to act in a socially responsible manner by complying with the highest ethical standards in the conduct of their business.
2. Taxation policy
The “Group Taxation Policy” follows these principles and policies.
It sets forth the group's fundamental governance framework regarding tax compliance. The policy requires commitment to abide by relevant tax legislations and practices in the territories we operate, including the United Kingdom.
3. Attitude towards tax optimization or planning
The group seeks to be fully compliant with the law. Any tax optimization or tax planning that is undertaken is based on commercial business activity. The group will not engage in any artificial arrangements conceived for the sole purpose of avoiding, deferring or reducing tax.
4. Tax risk management
Given the scale and broad range of business, unforeseen tax consequences may be inevitable at times. Where there is significant uncertainty or complexity, external advice may be sought, particularly in relation to fulfili tax obligations.
5. Approach towards our dealings with HMRC
The group aims to establish and maintain transparent, collaborative and professional relationships with tax authorities including HMRC. The group is prepared to challenge where it disagrees with a ruling or decision of a tax authority but will first seek to resolve any disputed matters through proactive and transparent discussion and negotiation.