Pandrol considers the timely submission of tax filing and instalment payments a key business
priority. Interactions with relevant tax authorities are based on the core business values of integrity, honesty and respect. All employees are expected and encouraged to work in a collaborative and open manner when consulting and working with tax authorities in each of the jurisdictions in which Pandrol operates.
The tax objectives of Pandrol are to:
- Meet all legal requirements and comply with tax laws, rules and regulations in each country that Pandrol operates.
- Build transparent and professional relationships with the relevant tax authorities in each jurisdiction.
- Use tax reliefs and incentives in line with the legislation and its intent.
- Consider tax planning only as a support to our overall commercial and economic strategy.
- Pandrol is committed to pay the appropriate amount of tax in each country in which we operate. We do not participate in aggressive tax planning schemes, nor do we enter into business arrangements to only benefit from tax advantage: group tax planning is subordinate to Pandrol’s overall commercial and economic strategy.
- Our tax department and other appropriately qualified finance professionals are actively
involved in Pandrol’s day-to-day operations, to both minimise the tax risks and exposures, and also control the group’s overall tax burden.
- Pandrol has an Ethics Code and would not use an artificial structure that could affect the group’s reputation or its relationship with tax authorities. External professional advisors are consulted to support us in our tax approach.
Level of risk:
- Pandrol has a low appetite for tax risk and does not participate in aggressive or artificial tax planning. We have a preference for a conservative and reasonable approach towards the control and mitigation of tax risks and exposures.
- We work with external professional advisors to reduce our overall tax burden, but
only where this is permitted by relevant tax legislation.