Sustainability

지속가능경영 정책

Tax Strategy

Tax Strategy


OUR APPROACH

  1. Hyundai Steel establishes and operates tax strategies, policies and documented standards and procedures for risk management to ensure accurate tax payments and reports. With these activities, we fully implement the corporate duty of tax payments at home and abroad.
  1. Domestic Tax
    1. Employees in charge of taxation fulfill the duty to report and pay taxes in accordance with relevant laws, and they work based on the principle of transparent relations with the tax authorities.
    2. When tax laws change, or other laws, rules and precedents are amended or enacted, we monitor any areas that could apply to the company and review potential risks in advance.
    3. The company’s tax information is disclosed through external notification in a transparent way. The financial statement and the footnotes of the audit report contain information on corporate tax calculation standards, deferred tax assets, liabilities, composition and rate of corporate tax. Transparency and objectivity are ensured by an external audit.
  1. International Tax
    1. The company fully complies with its legal duty to report and pay taxes in every country where it does business and fulfills its duty as a taxpayer in close cooperation with the tax authorities of each country.
    2. The company does not conduct income transfers between countries and it does not evade taxes by exploiting tax law differences, loopholes in the international tax system or tax havens. The company ensures that taxable income is legally distributed based on its value in each country where the company does business.
    3. The company appoints external experts to deal with regulations such as the duty to prepare and submit BEPS-related reports in each country, and it implements BEPS risk analysis and documentation projects in overseas offices.
    4. Hyundai Steel does not attempt to avoid taxes using tax structures that serve no commercial purpose
    5. All transactions with our subsidiaries are based on regular prices(normal prices are applied to transactions with third parties that do not have special relations with Hyundai Steel). In addition, the appropriateness of transfer prices is evaluated through confirmation by external experts.

FUTURE ACTION

  1. Hyundai Steel stipulates the chain of responsibility for tax payment in the company regulations, and it will continue to fulfill its tax obligations and minimize tax-related risk elements from a long-term perspective.
Record on Enactment and Revision
Tax Strategy Enacted in February, 2019
Tax Strategy Revised in June, 2020
Tax Strategy Revised in July, 2021


See the History of Policies