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Tax Strategy

GLOBAL METCORP LIMITED – UK TAX STRATEGY STATEMENT

 

We at Global Metcorp Limited are committed to a systematic and comprehensive approach to the effective management of potential opportunities and adverse effects by achieving best practice in risk management.

 

Global Metcorp Limited is a leading metal trader. The company buys and sell various grades and quantities of secondary and scrap ferrous metal around the world. The company has grown significantly since its inception and is proud of its major social and economic contribution to the UK. We provide employment to local people and contribute to reducing the carbon footprint by recycling the scrap metal rather than digging it out of the ground.

 

COMMITMENT

 

This document, approved by the board of Global Metcorp Limited, sets out the company’s approach to conducting its tax affairs and dealing with tax risks for the year ending 31 March 2024. 

The company is committed to:

  • Following all applicable laws and regulations relating to its tax activities.

  • Maintaining an open and honest relationship with the tax authorities based on collaboration and integrity.

  • Applying diligence and care in our management of tax risks and ensuring that our tax governance is appropriate and aligns with the company’s strategy.
     

The company regards this document as satisfying the UK legislative requirements of paragraph 16(2) Schedule 19 Finance Act 2016 in relation to the publication of tax. This covers the year ending March 2023 and we review and refresh our tax strategy annually.

RISK MANAGEMENT

A formal Risk Management Strategy is developed each year, which directly and demonstrably supports our objectives. It is implemented with the sustained involvement of all levels of the organization via adequately resourced plans with measurable timelines and objectives.

 

Our executive leadership team sets and oversees the risk management strategy and the effectiveness of the company’s internal control framework and processes. We have policies, processes, and practices in place to ensure the integrity of our tax filings and other tax compliance obligations in the UK and worldwide. Ultimate responsibility for our Tax Strategy and UK Tax compliance rests with our executive leadership team.

When reviewing the tax risks associated with a specific decision or action, the Group ensures that the following are considered:

 

  • The legal and fiduciary duties of directors and employees.

  • The requirements of any related internal policies or procedures.

  • The maintenance of the company’s corporate reputation.

  • The tax benefits and impact on the company’s reported result compared to the potential financial costs involved, including the risk of penalties and interest.

  • The wider consequences of potential disagreement with tax authorities, and any possible impact on relationships with them.

 

TAX PLANNING

The company has clearly defined lines of responsibility for its tax affairs,

The company’s tax planning is driven by the commercial needs of the business and anticipated future developments.  Where alternative routes exist to achieve the same commercial results, the most tax efficient approach in compliance with all relevant laws will be followed.

The commercial needs of the business will in no circumstances override compliance with all applicable laws and regulation.  In cases where the tax guidance is unclear external advice may be sought to support the decision-making process.

 

OUR APPROACH TO DEALINGS WITH HMRC

The company is committed to the principles of openness and transparency in its approach to dealing with HMRC, and the company commits to:

  • Always adopt open and collaborative professional relationships with HMRC.

  • Engage in full, open, and early dialogue with HMRC to discuss tax planning, strategy, risks, and significant transactions.

  • Make fair, accurate and timely disclosure in correspondence and returns, and respond to queries and information requests in a timely fashion.

  • Seek to resolve issues with HMRC in real time and before returns are filed if possible, and where disagreements arise work with HMRC to resolve issues by agreement where possible.

  • Be open and transparent about decision-making, governance, and tax planning.

 
 
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