This page sets out the UK Tax Strategy (“the Strategy”) of Doosan Power Systems S.A*. and its subsidiaries operating in the UK (“Doosan Power Systems”). The Strategy covers both direct and indirect taxes, including corporate tax, PAYE, VAT and Customs duties. The Strategy is published by Doosan Power Systems in accordance with the requirements of Schedule 19 to the Finance Act 2016.
Approach to Risk Management
Doosan Power Systems strives to comply with tax law and practice in all of the territories in which it operates, including the UK which is its main place of business. This means it must pay the right amount of tax, at the right time and in the right place. Complete and timely tax filings should be made in order to achieve this goal.
Through people, process, systems and controls, Doosan Power Systems works to proactively identify, evaluate, monitor and manage tax risk across our business. Where necessary, this includes sourcing expert external advice, particularly in relation to the management of international tax obligations.
Attitude towards Planning and Level of Risk
Doosan Power Systems is proud to be a low risk taxpayer in the UK. Doosan Power Systems does not enter into any artificial, contrived or abusive arrangements in order to reduce its liability to UK taxes.
When entering into transactions or making changes to our business, Doosan Power Systems will consider – amongst other factors – the tax laws which are expected to apply. In doing so, Doosan Power Systems will seek to avoid double taxation and claim Government approved reliefs and incentives where these are available with a view to maximising value for our customers and our shareholder.
Working with HMRC
Integrity and transparency are fundamental Doosan strengths. As such, Doosan Power Systems will engage openly and constructively with HM Revenue & Customs in real time in order to maintain a relationship based on our shared values of trust and respect.
Board ownership and oversight
This strategy is aligned with the principles set out in the Doosan Credo and is approved and owned by the Executives of Doosan Power Systems in the UK.
*This strategy is also applicable to Doosan Information and Communications Europe Limited, a UK affiliate of Doosan Power Systems.