WFEL Corporate Information
WFEL is a wholly owned subsidiary of land defence systems provider Krauss-Maffei Wegmann GmbH & Co KG (“KMW”) .
UK Tax Risk Strategy
This tax strategy document applies to WFEL Limited (“WFEL”) and its holding company, WFEL Holdings Limited, which together comprise “WFEL” or the “UK Group”. The publication of this UK strategy statement is regarded as satisfying the requirements of Schedule 19 of the Finance Act 2016.
This tax strategy document applies to all UK taxes applicable to the UK Group and it is effective for the financial year ending 31 December 2017. The tax strategy statement will be reviewed annually and updated as necessary.
Approach to tax governance and risk management
The tax affairs of the UK Group are managed by WFEL’s Finance Director, the UK Groups finance team, and external tax expertise is used where necessary.
WFEL complies with all relevant revenue laws, and all taxes are accounted for and paid. Procedures and controls are in place to ensure tax compliance obligations are satisfied.
WFEL recognises that risks will inevitably arise from time to time in relation to the interpretation of tax laws and the nature of our compliance arrangements. Where necessary WFEL engages external advisers to assist in identifying, evaluating, monitoring and managing these risks.
Responsible attitude towards tax planning
WFEL does not enter into any aggressive tax planning or support the use of artificial structures that are established solely to avoid paying tax and have no business purpose.
Transparent approach to engaging with HMRC
The UK Group engages with Her Majesty’s Revenue and Customs (“HMRC”) in an honest, respectful, transparent, and co-operative manner. The UK Group does not take positions on tax matters that may create reputational risk or jeopardise our good reputation with HMRC.