Apr. 30, 2020
Toray Industries, Inc.
Toray to Implement Worldwide Tax Policy on May 1
Tokyo, Japan, April 30, 2020 – Toray Industries, Inc., announced today that on May 1 it will implement the Toray Group tax policy, which it formulated to improve its tax compliance and corporate value around the globe.
The Organisation for Economic Co-operation and Development has made international taxation rules more complex every under a framework to address tax base erosion and profit shifting practices. In Japan, good corporate governance has become increasingly important element of tax compliance.
It is against this backdrop that the Toray Group has acknowledged the importance of engaging in transparent tax practices and fulfilling its corporate social responsibilities, undertaking tax compliance initiatives based on the Toray CSR Guidelines.
Toray accordingly created the tax policy described below to clarify its basic stance on the tax practices with which each employee should comply. Toray will continue striving to improve its tax compliance while building its tax governance structure to enhance corporate value.
|1.||Toray makes efforts to pay taxes appropriately by complying with the tax laws of each country and international taxation rules. |
|2.||Toray makes efforts to enhance corporate value and maximize shareholder value while minimizing tax risks and optimizing tax expenses. |
|3.||Toray will not conduct arbitrary tax avoidance using tax havens or other methods.|
|4.||Toray establishes good relationships with the tax authorities of each country.|
|Tax Compliance |
|Toray employees (including officers) recognize that complying with tax laws and rules is the best way to minimize tax risks and enhance corporate value. Toray conducts trainings so that employees can comply with tax compliance. |
|Toray clarifies and implements tax rules within the group to manage tax expenses and aim for an appropriate tax burden. Toray makes efforts to establish good relationships with tax authorities when cooperation is required.|