o OPET INTERNATIONAL LIMITED - 2024 TAX STRATEGY
OPET INTERNATIONAL LIMITED 2024 TAX STRATEGY
This document is intended to satisfy the reporting obligations of Schedule 19 of the Finance Act 2016.
The Company has a strong focus on corporate responsibility, and we see responsible administration and payment of taxation as a responsibility of our business.
The overall tax strategy is to:
* Meet all legal requirements and to make all appropriate tax returns and make timely and accurate tax payments.
* Operate in an environment where we consider tax in the context of our reputation and brand.
* Comply with appropriate tax risk processes, and ensure there is Board oversight into this compliance.
* Regular communication with our external tax advisors to keep the Company updated with any new legislation changes
This document will be periodically reviewed by the Directors, and any amendments will be approved by the Board of Directors. The last review of the tax strategy document by the Directors was on 1st February 2024 with no alterations noted.
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 Board of directors understand the importance of tax compliance, and how it is achieved.
* There is a constant dialogue between the Directors and those individuals tasked with the operation of our finance function, regarding the way our business manages its tax risk.
* Where there is uncertainty as to the application or interpretation of tax law, appropriate written advice evidencing the facts, risks and conclusions may be taken from third party advisers to support the decision-making process.
* 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, by seeking external tax advice, investing in tax training for our staff and also how we manage our relationship with tax authorities.
Tax planning
We undertake tax planning as part of our overall business strategy. Professional advice is sought where appropriate, with the advice being driven by our assessment of the risk presented by each situation.
We do not undertake aggressive tax planning, the sole purpose for which would be obtaining a tax advantage. We have a responsibility to minimise our tax risk and our exposure to negative publicity through non-compliance.
Attitude towards risk
The Directors sees 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.
The Board is conscious of the hugely negative publicity attracted by a bad attitude towards tax, and sees strong internal processes and a good relationship with our professional advisors as the best way to manage this reputational risk.
Relationship with HM
Revenue & Customs (HMRC)
Our communication with HMRC is focussed around timely tax compliance, for example meeting relevant filing and payment deadlines for taxes the company pays.
We employ the services of consultants and professional tax advisers to act as our agents and will liaise with HMRC on our behalf. This is seen by the Board as a way to ensure we get the most out of our relationship with HMRC, thus reducing our tax risk.
4th Floor, 180 Piccadilly,London W1J 9ER
Telephone: +44 (0) 20 7930 7950 - Facsimile: +44 (0) 20 7930 3798 - E-mail: opetint@opetint.com
Parent Company website: http://www.opet.com.tr/en/