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About �������

������� and subsidiaries (“������� Group”) is a US multinational corporation that is publicly traded on the New York Stock Exchange and subject to its full regulatory framework.  As of 2024 Q1, ������� is comprised of about 85 legal entities incorporated in over 30 countries.  ������� generates approximately USD 5.2 billion in annual sales and currently operates in two segments, Aerial Work Platforms (“AWP”) and Materials Processing (“MP”). 

As part of the ������� Group, ������� UK is aligned with, and follows, the wider ������� guiding principles, code of ethics and conduct, and tax policies.  First and foremost, the ������� Way Values demand and support a culture of tax compliance and the Tax Strategy is grounded in the ������� Way Value of integrity and our commitment to comply with all laws and regulations.  The Tax Strategy is focused on ensuring that taxes are calculated, and tax risk is managed to provide outcomes that are within the parameters of the strategic objectives of �������, consistent with commercial reality and compliant with the applicable tax laws. The Tax Strategy requires that all tax regulations are complied with in the UK and other relevant jurisdictions.  The Vice President, Chief Tax Officer (“CTO”) is responsible for management of the tax affairs and global tax risks of ������� Group.  The CTO reports to the Senior Vice President, Chief Financial Officer of �������.   

Risk Management and Governance Arrangements

Responsibility for ������� policy, including tax policy, ultimately resides with the Board of Directors of �������. The role of the Board is to focus on strategic direction and oversight of critical business risks, not to direct regular operating activities.  Managing tax compliance is an increasingly complex area and the ������� Group, including ������� UK, consistently monitors local and global markets, industry trends, and current and developing tax legislation in order to set tax governance.  ������� uses knowledge, detailed processes, and internal controls to reduce tax risk to acceptable levels.

As part of governance of tax matters, several arrangements exist, including, but not limited to:

• Quarterly formal certification procedures including the identification, evaluation, monitoring and reporting of tax issues and risks;
• Complying with internal control procedures and processes, which are subject to regular reviews, internal audits and self-assessment;
• Various reviews and audits of UK tax activities and compliance undertaken by third-party consultants and auditors, and
• Regular communication with UK tax authorities to ensure business risk is managed and provision of mutual assurance around the UK tax activities of �������.

������� UK Approach to Tax Planning

������� UK believes it has an obligation to timely and accurately pay its taxes.  It seeks to pay no less and no more than required by the application of laws to its facts and operations.  The tax planning objectives of ������� UK are to support the commercial needs of the business by ensuring that its operating activities are carried out in the most financially efficient manner whilst remaining compliant with all relevant laws.  ������� UK does not engage in transactions for which the purpose is to reduce UK tax.  ������� carefully evaluates the impact of tax arrangements on the reputation, corporate, and social responsibilities of ������� UK and ������� as a whole.

������� UK will seek further advice, as needed, from competent external third-party tax advisors to provide assurance around technically complex areas of UK tax in order to adequately assess tax consequences.  Consultation ensures that appropriate and technically sound tax decisions are made. 

������� UK and its Tax Risks

������� UK endeavors to be compliant with tax regulations, requirements, and reporting.  ������� UK will not knowingly take tax positions contrary to legislative requirements and thus seeks to minimize the level of risk in relation to UK taxation.  ������� UK is focused on reducing the level of tax risk arising from its operations as far as is commercially reasonable by implementing various internal tools and controls for its business units to follow.  ������� UK maintains tax accounting arrangements which are robust and enable the business to fulfill its responsibilities under the Senior Accounting Officer provisions in the UK.  

Relationship with HM Revenue and Customs (“HMRC”)

������� UK is committed to complying with its UK tax obligations and seeks to build and sustain an open and transparent relationship with HMRC that is constructive and based on the principles of accuracy, cooperation, compliance, and integrity.  ������� UK seeks to comply with its UK tax responsibilities through:

• Submission of accurate tax returns and disclosures;
• Informing HMRC of significant changes in the business conducted by ������� UK;
• Disclosing and discussing uncertainties as and when they arise;
• Focusing on, and seeking to resolve, significant issues, and
• Working collaboratively, co-operatively, and in a timely and professional manner with HMRC and the designated Customer Relationship Manager (“CRM”).

Attitude Towards Tax Evasion

������� Group prohibits any form of tax evasion for itself, and will not participate or support any form of tax evasion by its customers, suppliers, and associated representatives.  ������� Group has policies and procedures that aim to ensure that none of its employees or anyone acting on its behalf facilitate the evasion of tax in the UK or any other jurisdiction.

Date published: July 2024