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UK Tax Strategy

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NRI considers this tax strategy complies with its duty under paragraph 16 (2) of Schedule 19 of the UK Finance Act 2016.
This strategy applies to all the group companies (hereinafter referred to as "UK group" or "NRI group") which are located in the UK.
This tax strategy covers all applicable UK taxes, which include income tax, corporation tax, VAT, withholding tax, stamp duties, employee taxes and all other taxes.

1. The approach of the group to risk management and governance in relation to UK taxation

The UK group manages its tax related risks based on the core principle that considers materiality and rationality. Risks are inevitable in the interpretation of tax law. UK group properly identifies, evaluates, monitors and manages these risks. When the UK group foresees significant uncertainty with regard to risk, the UK group seeks any advice from external advisors.
The CFO of NRI, who is the ultimate parent company, is responsible for tax strategy, framework of governance and tax risk management. As to the day to day management, it is controlled by each UK group companies through consultation with tax advisors when necessary.

2. The Attitude of the group towards tax planning

NRI will seek to take advantage of available tax incentives, reliefs and exemptions in accordance with legislation. However, NRI will not adopt any tax planning for which there is no business purpose or reason, for the sole purpose of reducing its tax liability.

3. The level of risk in relation to UK taxation that the group is prepared to accept

Where tax treatment is uncertain or there are several options regarding its interpretation, NRI group will adopt the position that is likely to be accepted.

4. The approach of the group towards its dealings with HMRC

The UK group keeps an open and transparent relationship with HMRC. For the inquiry from HMRC, the UK group will cooperatively make best efforts to disclose relevant information, and explain NRI group's tax strategy and rationality of transactions.

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