To develop a safer, healthier, greener, and smarter world, Renesas’ goal is to make every endpoint intelligent by offering product solutions in the automotive, industrial, infrastructure and IoT markets.
Our tax strategy is in line with our Code of Conduct and Corporate Governance guidelines and applies to the following UK entities:
Renesas Electronics Europe GmbH, UK Branch
Renesas Electronics Europe Limited
Dialog Semiconductor Limited
Renesas Design (UK) Limited
Dialog Semiconductor Operations Services Limited
Dialog Semiconductor Holdings 1 Limited
Powerventure Semiconductor Limited
Adesto Technologies UK Limited
Echelon Europe Limited
The publication of our tax strategy statement is effective for the year ending 31 December 2022 and is regarded as complying with Part 2 of Schedule 19 of the 2016 Finance Act.
Our tax strategy has been approved by the Boards of Directors of Renesas Electronics Europe GmbH and Renesas Electronics Europe Limited on 1 December 2022 and by the Board of Directors of Dialog Semiconductor Limited (on behalf of the Dialog Semiconductor Limited sub-group) on 8 December 2022.
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, and the proper disclosure of tax information to them.