We endeavour to only use a sustainable model of operation, ensuring our customers receive the products and services they have grown accustom to with unwavering standards of quality; whilst never compromising the wider environment and local population in any location within which we operate.  

TAX STRATEGY

Raznoimport (UK) Ltd regards the publication of this tax strategy as complying with its duty under paragraph 19(2) of Schedule 19 of the Finance Act. 2016 to publish its tax strategy in the current financial year.

1. Approach of the UK Group to risk management and governance arrangements in relation to UK taxation.

1.1          Governance

Responsibility for the tax strategy, the supporting governance framework and management of tax risk ultimately sits with the Group’s Chief Financial Officer.

The Group’s tax strategy aligns to the Group’s wider risk and control framework. Key risks and Issues related to tax are considered by the Group’s senior management on a regular basis.

1.2          Tax risk management

The Group is exposed to a variety of tax risks as follows:

1.2.1      Tax compliance and reporting risks

Risks associated with compliance failures such as submission of late or inaccurate returns, the failure to submit claims and elections on time or where systems and processes are not sufficiently robust to support tax compliance and reporting requirements.

1.2.2      Transactional risks

Risks associated with undertaking transactions without appropriate consideration of the potential tax consequences or where advice taken is not correctly implemented.

1.2.3      Reputational risks

Non-financial tax risks that may have an impact on the Group’s relationships with shareholders, clients, and tax authorities.

•             The Group aims to manage tax risk in a similar way to any area of operational risk across the Group. All transaction types are scrutinised to ensure that any potential tax risk is identified.

•             The Group continues to assess its tax function and analyse the scale and complexity of the business transaction in respect of their tax implications.

•             Where appropriate, the Group works closely with its external tax advisors and looks to engage with tax authorities to disclose and resolve issues, risks and uncertain tax positions.

2. Attitude of the Group to tax planning

The Group  recognises it has a responsibility to pay the correct amount of tax in respect of its operations.

The Group  monitors all of its contracts and transaction types and engages with its external tax advisors to ensure that everything is done to correctly report all transactions and that they are in compliance with all applicable laws. The Group will ensure that tax arrangements are simple, well understood and based on sound advice from its external tax advisors, who prepare and submit the tax returns  on the Group’s behalf and as overseen by the Chief Financial Officer.

3. Level of acceptable tax risk

The Group's tax risk appetite requires that, all transactions and contracts are monitored and if there is any significant uncertainty on potential tax implications advice is sought from its external professional tax advisors, to ensure accuracy in tax compliance.

4. Approach towards dealings with HMRC

The Group seeks to comply with its tax filing, tax reporting and tax payment obligations.

The Group seeks to maintain  good, open and constructive relationships with HMRC.

In particular the Group will:

·         Pro-actively together with its external tax advisors manage their relationship with HMRC with the aim of minimising the risk of challenge, dispute or damage to its credibility.     

·         Respond promptly and with full disclosure to any enquiries that are received from HMRC.

·         Engage in a cooperative, supportive and professional manner in all transactions with HMRC.

This tax strategy is in respect of the financial year to 31 December 2023 and was approved by the Board of Raznoimport (UK) Ltd on 22 December 2023.