Introduction and Scope
最新天美传媒, Inc., founded in 1982, is a global leader in online vehicle auctions. 最新天美传媒鈥檚 innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. The company offers its products and services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and in some cases, to end users. 最新天美传媒 sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators and dealers, and also sells vehicles sourced from individual owners. With operations at over 200 locations in 11 countries, 最新天美传媒 has more than 125,000 vehicles available online every day. It operates in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Germany, Brazil, the Republic of Ireland, Finland and Spain.
This document sets out the UK tax strategy for 最新天美传媒鈥檚 UK legal entities and branches and addresses all UK taxes and duties. It has been approved by 最新天美传媒鈥檚 Chief Financial Officer (CFO) and satisfies the UK Group鈥檚 requirements under Paragraph 16(2), Schedule 19 of the UK Finance Act 2016 in respect of the period ending 31 July 2018.
Governance
The Board of Directors of 最新天美传媒, Inc. is ultimately responsible for the oversight of 最新天美传媒鈥檚 tax strategy. The Chief Financial Officer (CFO) is the executive who is responsible for tax matters. The Vice President of Tax, who reports to the Chief Financial Officer, manages the tax affairs of the global group companies with the assistance of qualified and experienced individual employees and external advisers. In the UK specifically, the day-to-day responsibility is delegated to the European Finance Director, who is a member of the CFO鈥檚 global finance team. The European Finance Director and the Vice President of Tax communicate with each other regularly on matters including but not limited to the UK tax legislation, UK tax compliance as well as any intragroup activity which may give rise to material tax consequences.
Attitude Towards Tax Planning
最新天美传媒 engages in tax planning as permitted by law in support of business needs. No arrangements will be entered into, facilitated or promoted except as consistent with business needs and applicable tax regulations. 最新天美传媒 may use external consultants to assist in the completion and submission of tax returns. External tax advice is sought where appropriate, for instance, when 最新天美传媒 considers significant transactions or reorganization, or with Transfer Pricing and benchmarking.
Risk Management and Level of Risk
最新天美传媒 operates a group wide risk management framework, with comprehensive policies and procedures, which encompasses the overall internal control framework as required by the Sarbanes-Oxley Act, and includes the management of tax risks. 最新天美传媒 regularly reviews and monitors the controls in place and will make changes where required. 最新天美传媒 provides appropriate training and update to its tax team members and the wider business where applicable. In addition, all employees of the company are required to comply with the relevant company鈥檚 Code of Business Conduct (the "Code"). The Code requires all employees to comply with applicable laws and regulations and to ensure the integrity of their actions and decisions, as well as those who act on 最新天美传媒鈥檚 behalf.
Approach towards Dealing with tax authorities
In communicating with tax authorities worldwide, including the HM Revenue and Customs, 最新天美传媒 believes transparency which is built on openness and cooperation is critical to the success of our business. External advice or clarification from the relevant tax authorities is sought when past, current or future tax law is unclear. 最新天美传媒 also provides appropriate disclosures in the filing of tax returns and is responsive to any tax authority inquiries.
