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APOLLO TYRES (UK) TAX STRATEGY
This tax strategy sets out Apollo Tyres UK PVT Ltd’s, Apollo Tyres (London) PVT Ltd’s, Apollo Vredestein (UK) Ltd’s and Saturn F1 Ltd’s (company) approach on managing its tax affairs in the UK.
The range of UK taxes the company pays includes VAT, Corporation Tax, PAYE and other taxes.
The Company aims to make sure that it complies with UK laws and regulations in regards to tax.
Transactions between the company and the group companies are on an arms-length basis and arm’s length transfer pricing is utilised.
Whilst we seek to get things right first time we work in an environment of continuous
improvement. Any inadvertent errors in submissions made to HM Revenue & Customs are fully disclosed as soon as reasonably practical.
This document will be reviewed annually and will be updated when necessary. The document is intended to comply with the requirements of Schedule 19 of the Financial Act 2016.
- Managing Tax Risk
The company manages UK tax risk by correct calculation and payment of tax and all related submissions to the tax authorities.
We regularly seek professional advice from independent external advisors on tax matters on areas having complexity or uncertainty to support the Company in complying with its tax strategy.
We have a low risk approach in respect of taxation and aim to minimise the risk of uncertainty or disputes. Any potential planning is assessed against the Business Code of Conduct. Apollo Tyres Ltd.’s Business Code of Conduct for Directors and Senior Managers can be reviewed on corporate website or by clicking here Code of Conduct Policy.
- Working with HMRC
The company has an open, transparent, proactive and positive approach in relationship with HMRC to make sure it complies with rules and regulations.
The company aims to have above approach to avoid any potential issues with HMRC and/or minimise the tax risk.
- Strategy and Planning
The Company will not commit an act wholly motivated by avoiding tax with the purpose of tax avoidance. Our UK tax strategy and planning are based on bringing value to our stakeholders. We follow this principle while we assess if there are possibilities of tax efficiency to the business.
- Tax Risks
To mitigate the risk that the tax payments always happen before the respective deadlines, we have in place a statutory calendar, which is monitored on a regular basis. The tax payment dates are also marked.