News Release

Year ended 31 December 2021
Minth Automotive (UK) Company Ltd (“Minth”, “the company”) is part of the wider Minth Group based in Hong Kong and ultimately owned by Minth Group Ltd.
In accordance with the requirements of Paragraph 16(2), Schedule 19 of the Finance Act 2016, Minth now publishes its Tax Strategy for the financial period ended 31 December 2021. This applies from the date of publication until it is superseded.
The tax strategy has been approved by the Board of Minth and will be reviewed and updated where appropriate on an annual basis.
Our approach to tax
Minth is fully committed to complying with UK tax legislation. Minth conducts tax planning only in support of genuine economic and commercial decisions made by the company and fully in accordance with UK anti-avoidance legislation.
Minth engages with third party advisors for support in any potential tax planning, so as to ensure compliance with the UK tax laws. Any material decisions would be approved by the Board of Directors.
Where appropriate and in line with policy intent, Minth applies to take benefit of available tax incentives and exemptions.
Management of tax risk
The management of risk and governance of UK tax ultimately falls with the Board of Directors.
Minth ensures that risks are identified and understood at an early stage and that effective compliance and reporting processes are in place.
Part of the management of UK taxes include the following arrangements:
• Decisions made at a senior level
• Robust reporting to Board of Directors
• Compliance with internal controls
• Implementation of Minth core values and behaviours
The company's key tax risks include:
• Tax compliance risk - this includes late filing or incorrect tax returns, failure to submit claims and elections on time, and late payment of taxes. As Minth grows and expands in the UK, there is a risk that Minth may be caught by existing legislation of which there is not an awareness about due to Minth being a recently incorporated business in the UK.
• Transactional risk - this includes actions taken in respect of transactions without appropriate consideration of potential tax implications, or where tax advice is not appropriately implemented.
Minth manages these tax risks and others by utilising suitably qualified and experienced finance team members, engaging with specialist external tax advisors, to prepare and file tax returns and also advise on areas of uncertainty or complexity. Tax matters are proactively managed by having robust business controls and processes which are reviewed on a regular basis.
 

Attitudes to tax risk
Minth has a low tolerance to tax risk, as demonstrated by its attitude to tax planning and governance.
Minth has various stakeholders in the UK and around the world. In order to appropriately manage and mitigate risk for the company and its stakeholders arising from its engagements with customers and suppliers, management policies are in place to ensure that Minth engages only with reputable suppliers and customers who are fully compliant with their tax obligations in the UK and overseas.
Minth does not accept a level of risk that would result to damage to relationships with HMRC and its various other stakeholders.
Tax Governance
The Finance Director takes overall responsibility for the management of tax risk, as supported by the wider finance team, who deal with the day-to-day management of tax risks.
The team consists of appropriately qualified and experienced accounting and finance professionals based in the UK, who together manage and oversee Minth's corporation tax, employment taxes and indirect tax compliance matters. The team is supported by an FD and external advisers in the UK and overseas.
The Board, updated as appropriate by the Finance Director, exercises oversight of tax risk management and governance primarily through discussions at the monthly Board meetings. These meetings incorporate key tax information and issues arising within the business, or externally that could impact the business, for example upcoming legislative changes.
Working with tax authorities
Minth is committed to acting with integrity at all times and maintaining a transparent, open and proactive relationship with all tax authorities, including HM Revenue & Customs (“HMRC”), seeking to manage and resolve any enquiries from HMRC on a timely basis and disclosing all pertinent information. Where it is possible and appropriate, Minth will seek to proactively engage with HMRC to disclose and resolve past, current and future issues as they arise. Through its finance team and engaging with external advisors, Minth ensures to meet its tax obligations in accordance with UK legislation.
Transparency and tax evasion
Minth does not tolerate tax evasion or the facilitation of tax evasion by any persons acting for or on behalf of the company.
Integrity and trust are the two main core values of the wider Minth Group. The Board of Directors are dedicated to ensuring that the processes and strategic direction of Minth, including its approach to compliance with UK tax legislation, is aligned with the core values of the wider group.