Tax Strategy Statement
UK Tax Strategy Statement
KEMET Corporation and Subsidiaries
KEMET Corporation is the ultimate holding company of the KEMET companies worldwide (“KEMET Group”). KEMET Corporation directly owns KEMET Electronics Corporation, which is the controlling shareholder of its UK subsidiary, KEMET Electronics Limited (“KEL”). KEL’s publication of its tax strategy policy is to comply with the provisions of the UK Finance Act 2016, Schedule 19. This strategy applies for the financial year ended March 31, 2019 from the date of publication until it is superseded.
KEMET’s business operates by its values as outlined in its Code of Business Conduct which forms the foundation for how the company manages its global tax affairs. KEMET’s Code of Business Conduct requires established policies and processes in place to ensure the integrity, correctness and compliance of all statutory tax obligations, rules, regulations and disclosure requirements wherever the KEMET Group operates.
Management of Tax Risks
The Group applies professional diligence and expertise in the management of all risks associated with tax matters to maintain a low risk profile, while meeting the company’s business objectives. The Vice President of Tax and the corporate headquarter tax department have ultimate responsibility for managing the worldwide tax affairs of the KEMET Group. The company also utilizes external tax professionals where appropriate to provide advice and services for uncertain or significant transactions and to meet compliance and reporting requirements.
Tax decisions will always be made to complement the company’s business strategy. Tax planning is performed after a business decision is decided, but the company does not conduct tax planning or tax avoidance that deviates from the tax laws and their intended purpose. Therefore, the Group does not use so-called “tax havens” for tax avoidance, nor artificial tax structures that have no commercial or operational substance. The Group seeks to comply fully with its regulatory and other obligations and to uphold its reputation as a responsible corporate citizen.
Relationship with HMRC
KEL seeks to be open and transparent with HMRC in respect of UK tax matters. KEL’s goal is to make accurate and timely disclosures in tax returns and other documents submitted to HMRC. All interactions will be conducted in a collaborative, courteous and timely manner.
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