Tax Strategy - 2019
Maritime Cargo Processing plc is committed to being a responsible taxpayer and conducting our business activities in a sustainable and responsible manner.
In doing so we seek to be fully compliant with tax laws, rules and regulations of the countries in which we operate.
Governance and Risk Management
We manage tax risk for Maritime Cargo Processing plc within our wider risk management and governance framework.
- Our board is accountable for risk management and ensures that an effective risk management framework is in place which encompasses tax risk
- Tax Strategy is part of the finance function and the responsibility of the Board.
- Day to day management of tax matters is delegated to the finance officer with assistance from professional firms or other external legal counsel where appropriate or necessary.
- Maritime Cargo Processing plc seek to reduce tax risk arising from its operations as far as is reasonably possible through an ongoing commitment to improving control effectiveness and by ensuring that all tax or tax-related processes are allocated to appropriately qualified owners.
- Key risks, controls and related actions are reported, monitored and tracked in accordance with internal risk reporting processes.
- We believe in safeguarding our reputation and our relationships with customers, shareholders and tax authorities alike and we are not subject to undue shareholder influence. We will seek external tax advice in certain situations, for example
- In respect of large, one off transactions to ensure that we do not suffer any unforeseen or unreasonable tax outcomes;
- In areas where we may have insufficient internal expertise; and
- Obtain a second opinion in cases where we believe there is uncertainty with respect to the application of tax law, although we may also approach HMRC directly to seek clarity or obtain clearance.
Attitude to risk
- Maritime Cargo Processing plc applies a prudent approach to tax risk when evaluating transactions consistent with our visions and values to act in the best interests of our various stakeholders.
- While we run our business in a cost effective manner in line with our obligations to our shareholders and customers, in terms of tax, we will only utilise legitimate tax reliefs for the purposes for which they were intended by parliament. We do not
- Engage in aggressive tax planning and tax schemes;
- Seek to construct transactions in an artificial manner whereby results are inconsistent with the underlying economic consequences; or
- Promote tax avoidance or condone abusive tax practices which would contravene our ethics and culture or the law.
Relationship with HMRC and other tax authorities
The publication of this statement is regarded as satisfying Maritime Cargo Processing plc’s statutory obligations under Para16 (2) Schedule 19, Finance Act 2016 for the year ended 31 December 2019.
- Our objective is to build a stable, transparent and professional relationship with HMRC and other tax authorities.
- We believe in fostering trust and co-operation in our relationships with tax authorities and engage in proactive dialogue with a direct Customer Relationship Manager at HMRC to resolve issues, obtain clarity on aspects of uncertainty and provide early notification of business developments likely to have tax consequences.
- We have a proactive approach and take appropriate action in the event we discover material errors or omissions; disclosing to HMRC, implementing remediation as quickly as is reasonably achievable and putting in place measures and controls to prevent recurrence.
- We support initiatives to reduce unnecessary complexity and provide certainty and stability to taxpayers in the development of tax legislation. Where we perceive that certain aspects of tax law result in confusion or unintended commercial consequences we work with industry bodies to draw HMRC’s attention to the issues and develop industry guidance.