Tax Policy
Hankook Tire&Technology is making every effort to fulfill its responsibility by paying taxes in good faith in accordance with the tax policies. We do not use any kinds of tax structures or systems intended for tax avoidance and do not transfer profits to low-tax countries.
Tax Policy
Hankook Tire & Technology is clearly aware that compliance with tax regulations and tax risk management play a significant role in contributing to national finance and helping customers generate profits and maximizing shareholder profits in addition to serving as a prerequisite for sustainability management. It is with this awareness that we stipulate and operate standards and procedures on tax principles and guidelines as well as risk management in order to implement a sound tax policy. Furthermore, we pursue cooperative and constructive relationships with tax authorities to accurately file and pay our taxes.
1. We thoroughly comply with domestic and international tax laws and regulations in any and all business transactions made to generate economic and social value in order to faithfully fulfill our tax obligations as stipulated by law, and we accurately file and pay taxes in accordance with applicable tax laws and regulations.
2. We fully disclose relevant information to our stakeholders to ensure transparency concerning our tax status. We file taxes with the help of accounting firms on those items stipulated by law to ensure the appropriate application of tax laws and regulations and to protect stakeholders as a result.
3. We are not involved in cross-country profit shifting which is a practice that takes advantage of different tax systems across countries, loopholes in the international tax system or tax havens nor are we involved in any transactions made for the purpose of tax avoidance. We ensure that we are lawfully taxed in accordance with the value created in the country in which we operate.
4. In making transactions with related parties, we comply with the OECD Transfer Pricing Guidelines and the arm’s length price principle in conformity with country-specific regulations. In making transactions subject to transfer pricing with overseas related parties, we work with external tax experts in reporting on transfer prices to ensure proper follow up measures are taken.
