Enactment of the Tax Policy of Sumitomo Chemical Group
Nov. 2, 2020
Sumitomo Chemical has recently enacted the “Tax Policy of Sumitomo Chemical Group” (hereinafter, “the policy”). As part of our efforts to strengthen corporate governance within the Group, this policy is an explicit statement of our taxation initiatives to date.
In June 2012, the Organization for Economic Co-operation and Development (OECD) launched the “Base Erosion and Profit Shifting (BEPS) Project,” which prompted a review of international tax rules to prevent tax avoidance in various countries and regions. In addition to these worldwide moves to strengthen tax compliance, the size and complexity of potential tax risks faced by corporate groups have increased as companies expand their operations globally. The Sumitomo Chemical Group currently operates in approximately 30 countries around the world, and considers tax payment to be one of the most basic and important social responsibilities that must be fulfilled by companies. It is needless to say that up until now we have complied with applicable tax laws in each country and region and made appropriate tax payments. This policy was enacted to go a step further to make all Group companies implement measures that ensure tax compliance and tax transparency at a higher level.
The Sumitomo Chemical Group regards compliance as the foundation of its corporate management. We will continue to thoroughly observe not only laws and regulations but also corporate ethics in each country and region we operate.
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