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Metalor Technologies (UK) Limited (MUK)

Taxation risk management strategy 2017

Ownership structure

MUK is an UK registered company, primarily selling and distributing from the Warstone Lane, Birmingham, premises, and also serving the Netherlands and other local markets from a warehouse in Eindhoven. The company is registered for VAT in the UK and the Netherlands.

MUK is a directly owned subsidiary of Metalor Technologies International SA (MTSA) a company incorporated in Switzerland. MTSA is 100% owned by Tanaka Holdings Co. Ltd (Tanaka) a company registered in Japan.

It is the intention of Tanaka and MTSA to comply with all applicable tax laws, rules, regulations and disclosure requirements: and to pay the right amount of tax in a prompt and timely manner in all territories where they operate.

Attitude to tax risk

Tanaka, MTSA and MUK have a zero tolerance attitude to tax risk.

The management of tax affairs

MUK, whilst qualifying as a large business from the sale of precious metal products only has 26 employees, and pays varying amounts of tax to local and national fiscal authorities namely:

· VAT

· Corporation Tax

· Employers National Insurance

· Local property taxes

· Customs and excise duties

· Environmental taxes

On behalf of employees:

· Income tax

· Employees National Insurance

In addition to the accounting for, and reporting of, the tax categories above, MUK as the seller of standard rated gold uses the procedures as set out in the special accounting scheme for VAT.

Tax planning and compliance

Corporation tax planning is undertaken by MUK, but the reporting and compliance service is provided by external professional advisors.

In all the other tax categories MUK seeks and uses guidance from external professional advisors as and when appropriate.

Working with HMRC

MUK has a frank and open working relationship, and is completely transparent in all its dealings and disclosures, with HMRC.

Finance Act 2016 requirements

This document is deemed to comply with Paragraph 22(2) Schedule 19, Finance Act 2016 and with all other obligations within Schedule 19 Finance Act 2016