About Murata
Murata is a global leader in the design, manufacture and supply of advanced electronic materials, leading edge electronic components, and multi-functional, high-density modules. Murata innovations can be found in a wide range of applications from mobile phones to home appliances, and automotive applications to energy management systems and healthcare devices.
The approach of the UK Group Companies to Risk Management and Governance in relation to UK taxation:
Tax Risk and Governance
Murata supports efficient and stable tax systems that incentivise long-term investment. The UK Group’s policy is to comply with all the relevant laws, rules, regulations, reporting and disclosure requirements and to timely pay the correct amount of tax to all taxing authorities with which the Group has a tax obligation.
Key personnel stay abreast of any changes in tax law through legislative updates and the attendance of any technical updates hosted by third party advisers.
Segregation of duties is maintained between the preparation and review of tax computations and returns (prepared by third party advisers), which are then approved by the Finance Director to ensure accuracy of reporting. All tax related documents must be reviewed and approved by appropriate management (typically the Finance Director).
Where there are potential risks with reference to the interpretation of the tax law and our compliance obligations, the UK Group will seek to identify, monitor and manage these risks.
The Board of Directors of Murata is responsible for maintaining a robust system of internal control and risk management, and for the regular review of its effectiveness. The system also covers all areas of taxation. Day to day management of the UK tax affairs is undertaken by the UK based Finance Director. The UK Group operates in compliance with Murata Corporate Policies and Procedures framework, and is reviewed by the Internal Audit Department.
Tax planning (with respect to UK taxation)
All tax planning must have a business purpose. The UK Group will seek to take advantage of tax incentives and reliefs. For example R&D tax claims in accordance with the applicable legislation. The UK Group does not undertake or engage in any aggressive tax planning or artificial transactions where the sole purpose would be to reduce UK tax. Where there is uncertainty or further complexity in relation to the risk, the UK Group would seek expert external advice.
The approach of the Group of its dealings with HMRC
The UK Group has a strong track record of a collaborative and open working relationship with HM Revenue & Customs. Where support is required from the authorities, it is always done with full transparency and disclosure. The Group is committed to the accurate and timely disclosure in tax filings and tax payments, query responses, and other HMRC correspondence.