As the globalization of business advances, the NSK Group believes that the proper payment of taxes in the countries and regions where it operates is one of the most fundamental and important social responsibilities that it should undertake.
With this understanding, the NSK Group follows these principles with regard to tax matters.
1. Compliance with Laws and Regulations
The NSK Group will file taxes appropriately in compliance with the laws and regulations of each country.
2. Tax Governance
The NSK Group will maintain a sound tax governance structure by reporting tax-related issues to top management, sharing information among the Group in a timely manner, conducting training and education on taxation-related matters to employees, etc. The Head of Finance Division Headquarters in NSK Ltd. has responsibility for the tax affairs of the NSK Group.
3. Tax Risk Control
In the case that taxation issues related to our business operations are unclear, persons responsible for handling taxation will strive to resolve any uncertainties by checking with the authorities and external advisers, etc.
4. Tax Planning
Calculation of transfer prices will be performed in accordance with NSK Group Business Standards, which follow OECD guidelines, and taxes will be filed in the location where economic value is generated through our business operations. The NSK Group will not evade taxes by using structures that have no business purposes nor commercial substance. The NSK Group will not use tax havens for the purpose of tax evasion. The NSK Group will optimize its tax arrangements a legitimate manner by avoiding international double taxation and applying for available preferential tax treatments.
5. Relationship with tax authorities
The NSK Group will handle any investigation by tax authorities in a sincere manner, and strive to provide accurate information.