This UK Tax Strategy applies to Vetus Limited who is a UK member of the Yanmar Group (‘Yanmar’). Its publication is regarded as complying with Part 2 of Schedule 19 of the 2016 Finance Act for the period ended 31 March 2021.
With beginnings in 1912, Yanmar is a Japanese headquartered group that was the first ever to succeed in making a compact diesel engine of a practical size in 1933. Moving on, with industrial diesel engines as the cornerstone of the enterprise, Yanmar has continued to expand its product range, services, and expertise to deliver total solutions as an industrial equipment manufacturer. As a provider of small and large engines, agricultural machinery and facilities, construction equipment, energy systems, marine equipment, machine tools, and components — Yanmar’s global business operations span seven domains.
Approach to compliance
The Yanmar Global Code of Conduct emphasises the importance of maintaining stakeholder trust by meeting social responsibilities and complying with all applicable laws and regulations. This underpins our approach to UK taxation which is focused on meeting our obligations.
Tax governance and risk management
Routine tax compliance activity is managed locally. However, aspects of our management of tax which require more co-ordination (such the development and maintenance of our transfer pricing policy in accordance with OECD principles) are overseen at a group level.
Tax is managed in accordance with our low tax risk appetite and we manage tax risk by ensuring that UK tax compliance activities are adequately resourced. This means that staff involved in UK tax compliance activities are appropriately trained and qualified and where such activities are outsourced we only use reputable advisors. We also consult with advisors to ensure we are up to date with changes to tax legislation and are able to identify and manage any associated risks.
Our UK Tax Strategy is approved by the Taxation group, Accounting & Administration Division of Yanmar Global Expert Co., Ltd. in Japan and acknowledged and implemented by the Boards of the UK subsidiaries.
On land, at sea, and in the city, Yanmar’s Mission of “providing sustainable solutions focused on the challenges customers face, in food production and harnessing power, thereby enriching people’s lives for all our tomorrows,” stands testament to Yanmar’s determination to providing us with “A SUSTAINABLE FUTURE”. We will not engage in any tax planning that undermines our commitment to “A SUSTAINABLE FUTURE”. However, we will respond to legitimate incentives (such as capital allowances) where available to manage our tax liabilities consistent with the aim of the legislation.
Tax authority relationships
Interaction with HMRC is generally limited to administrative queries to ensure HMRC expectations are met. In the event of any HMRC queries we will respond to these in a collaborative and open manner.
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