As required by Paragraph 19(2) Schedule 19 Finance Act 2016, the following sets out the tax strategy of Feritech Global Ltd for the year ended 31 March 2025. The tax strategy has been approved by the Board of Directors; it is reviewed annually and updated as appropriate.
Feritech Global Ltd is committed to compliance with all tax laws in the UK, Ireland and all countries where it operates. As a wholly owned subsidiary of Addtech AB, we aim to be tax
compliant and all taxes are paid at the correct time and according to local laws and regulations.
The Feritech Global Board of Directors is responsible for overseeing the local tax strategy however; the Addtech AB Group Directors has ultimate governance in this area. It is the responsibility of the UK company to advise the Group of all taxation issues as soon as they become aware of these.
The company has a low tolerance to tax risk and operates in a responsible and proactive manner to ensure compliance with tax guidance and legislation. There are multiple internal controls in place, which are monitored and implemented internally. The principal tax exposures are Corporation Tax, VAT, and indirect and direct employment taxes.
We seek to ensure the company is compliant; taxes are calculated correctly and reported on a timely basis. Where there are complex or uncertain issues, the company seek appropriate third-party advice. Payment of taxes to deadline is administered internally by the Finance
Feritech Global Ltd does not operate strategies or practises that seek to reduce the tax base or transfer profits for tax saving purposes. A Transfer Pricing Agreement (policy) is in place at the Addtech AB Group level. This agreement reflects the substance of the business relationship between the entities and ensures application of the arm’s length principal.
We do not undertake tax planning however, where required by the business or commercial operations, we engage openly with HMRC and qualified personnel in this field to consider the tax obligations and consequences.
Feritech Global Ltd is committed to open and transparent relationship with all tax authorities. To enhance this relationship and involve all interested parties, our external tax accountants also operate as our Tax agents
Our work on issues relating to the environment, ethics and quality forms an integral part of the Addtech’s Group of companies’ strategic and operational activities.
Feritech’s objective is to generate added value for its stakeholders and to build relationships based on respect, responsibility and superior quality. Feritech works with its business partners to achieve positive change and to encourage them to adhere to Addtech’s Code of Conduct.
Should you find that we fail to live up to our values and our Code of Conduct, you can report this through the whistle-blower function via the Addtech website.