Renesas creates leading semiconductor solutions that spark innovation for a connected world, building a trusted brand we can be proud of. Renesas offers three layers of solutions to provide optimal services with added value for customers in our three focus domains: Automotive, Industrial and Broad-based.
Our tax strategy applies to all UK entities in the Renesas Group and is in line with our Code of Conduct and Corporate Governance guidelines.
The publication of our tax strategy statement is regarded as complying with Part 2 of Schedule 19 of the 2016 Finance Act and has been approved by Renesas Electronics Ltd on 23 April 2018.
Tax compliance for Renesas means complying with the applicable laws and regulations of the jurisdictions where Renesas operates.
Tax Risk Management and Governance
We recognize that it is important to ensure management efficiency, integrity, and transparency to continuously improve our corporate value. Therefore, we strive to establish an effective management system and implement a variety of measures with the aim of achieving an appropriate corporate governance system, this includes the governance of tax.
We provide relevant information to management to help make appropriate decisions surrounding the management of tax risk.
Level of Tax Risk
The Group’s operations are subject to various risks and uncertainties, including tax risk and in line with our corporate governance system, we assess, manage and monitor tax risk. We aim to ensure that the level of tax risk does not have a negative impact on the business growth and performance of the Group. Where there is significant uncertainty or complexity in relation to a tax risk, external advice may be sought.
We aim to solidify our position as a global semiconductor company by only undertaking tax planning which will have commercial and economic substance and will have regard to the potential impact on our reputation and broader goals. We will not undertake planning that is contrived or artificial.
Relationship with HMRC
We recognise the importance of establishing relationships that are transparent, fair and prompt, this is reflected through our open communication and collaboration with tax authorities, including HMRC (via our CCM), and the proper disclosure of tax information to them.