United Kingdom

Contributing sentiments towards policy:

74% : We aim at a fair, stable and competitive tax system with reduced litigation while delivering appropriate tax revenues to governments to support economic growth and development for the local communities, job creation and viable long-term tax contributions.
69% : The Global tax compliance team implemented a global compliance program with the involvement of local experts in each country in which the Group operates, to assist and support local Finance teams to ensure that each of the affiliates comply with local laws and requirements for tax purposes.
63% : We aim to ensure that our tax returns are prepared accurately and submitted in a timely manner.
63% : Significant tax decisions in the UK are discussed with the Head of Accounting, Tax & Financial Reporting to ensure that our approach to tax is consistent with the broader group policies.
59% : Our approach to engaging with tax authorities We maintain an open, transparent, and collaborative relationship with HMRC in the UK.
59% : This tax strategy has been prepared in accordance with the requirements of paragraph 19 (2) contained within Schedule 19 of the Finance Act 2016.
57% : Tax matters are also regularly discussed with other business functions, whether at corporate and/or refinery management meetings, to ensure that the tax implications of significant business developments are appropriately considered.
57% : The Base Metals Tax team provides support and additional expertise on uncertain UK tax matters where necessary.
56% : Our tax approach outlined below applies to our UK entities.
55% : We conduct our business activities guided by a set of values that reflect high ethical and moral standards, aimed at assuring credibility and preserving the company's image in the markets in which it regularly operates, in the short and long term and this extends to our approach to tax.
55% : The Head of Accounting, Tax & Financial Reporting reports to the Group's Chief Financial Officer (CFO) and, in turn, to the Board of Directors of the Company (the "VBML Board'), and ultimately to the Board of Directors of the Vale S.A., where necessary.
55% : For example, separate individuals review the tax returns before they are submitted.
55% : We are in regular contact with our Customer Compliance Manager at HMRC and proactively discuss significant tax matters and business developments.
52% : The tax function for the Group is led by the Head of Accounting, Tax & Financial Reporting, and as such, those with responsibility for the Group's tax matters report to that position, including the team responsible for tax matters at Vale Europe Limited.
52% : We aim for certainty in our tax positions.
48% : Our approach to tax risk management and governance Our approach to tax is set by the Global tax compliance team which supports the Group's business activities and commitments.
37% : Our attitude to tax planning Our approach to tax is conservative and aligned with the commercial activities of our business, the legislation in force and broader group policies.
24% : In some cases, when the law is not clear, we will have effective frameworks in place to identify, monitor, control and manage our tax risks, in compliance with the tax policies of the Group, considering a position that is possible to be accepted upon examination by the relevant Tax Court.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.