Beko PLC Tax Strategy
This document, sets out the UK groups approach to conducting its tax affairs and dealing with tax risks for the year ending 31st December 2019.
Beko plc is committed to:
- Following all applicable laws and regulations relating to its tax activities.
- Maintaining an open and honest relationship with the tax authorities
- Applying diligence and care in our management of the processes and procedures by which all tax related activities are undertaken, and ensuring that our tax governance is appropriate.
Managing the UK group’s tax affairs is a complex process across many functional areas of the business and as such there will inevitably be risks of error or omission within those processes which may result in the incorrect application of tax rules or calculation of tax returns. Eliminating tax risks entirely is impossible. Where there is uncertainty in how the relevant tax law should be applied, external advice may be sought to support the company's decision-making process.
Due consideration will be given to the UK Group’s reputation, brand and corporate and social responsibilities when considering tax initiatives, as well as applicable legal and fiduciary duties of directors and employees of the UK Group and will form part of the overall decision making and risk assessment process.
The UK group has clearly defined lines of responsibility for its tax affairs. The UK group's tax planning aims to support the commercial needs of the business by ensuring that its affairs are carried out in the most tax efficient manner while remaining compliant with all relevant laws. The tax function is therefore involved in commercial decision-making processes and provides appropriate input into business proposals to ensure a clear understanding of the tax consequences of any decisions made.
In cases where the tax guidance is unclear or the UK group does not feel it has the necessary expert knowledge to assess the tax consequences adequately, external advice may be sought to support the decision-making process.
Approach towards dealings with HMRC
The UK group is committed to the principles of openness and transparency in its approach to dealing with HMRC, and the group commits to:
- Make fair, accurate and timely disclosure in correspondence and returns, and respond to queries and information requests in a timely fashion.
- Seek to resolve issues with HMRC in a timely manner, and where disagreements arise work with HMRC to resolve issues by agreement where possible.
- Be open and transparent about decision-making, governance and tax planning.
- Reasonably believe that transactions are structured to give a tax result which is not inconsistent with the economic consequences (unless specific legislation anticipates that result), nor contrary to the intentions of Parliament.
- Interpret the relevant laws in a reasonable way, and ensure transactions are structured consistently.
- Ensure all interactions with HMRC are conducted in an open, collaborative and professional manner.
The parent group is headed by Koc Holding AS a company registered in Istanbul, Turkey and listed on the Turkish stock exchange
This tax strategy has been prepared in accordance with requirements detailed at paragraph 19(2) Schedule 19 Finance Act 2016
Managing Director - Beko plc
Signed on behalf of Beko PLC