Ariston Thermo Group UK Tax Strategy
Ariston Thermo UK Limited, ATAG Heating UK Limited and ELCO
Heating Solutions Limited regard the publication of this strategy
as complying with their duties under paragraph 22(2) of Schedule 19
of Finance Act 2016 to publish a tax strategy in the financial year
ending December 31, 2017.
The Ariston Thermo group is synonymous with energy efficiency
and respect for the environment, thanks to its high efficiency
products. Integrity, people, excellence, customers and
sustainability are the cornerstones of Ariston Thermo's universe -
the principles we believe in, and draw on, every day in our pursuit
of excellence. We act honestly and with respect, while ensuring all
our activities are legal and compliant with corporate procedures.
Our robust and comprehensive approach to managing our tax affairs
is underpinned by our Code of Ethics, accessible here:
The Ariston Thermo Group aims to observe all applicable laws,
rules and regulations in meeting our tax compliance and reporting
responsibilities everywhere we operate, and to apply diligent
professional care and judgement to ensure all decisions are
well-considered and documented.
The Group tax department works to ensure that our tax strategy
is aligned with business and commercial strategy, and aims to work
positively, pro-actively and transparently with tax authorities to
minimise the extent of potential disputes, to achieve early
agreement on disputed issues when they arise, and achieve
certainty, wherever possible.
[If accurate, it would be useful to include a sentence noting
that ultimate responsibility for this tax strategy sits with the
board of Ariston Thermo SpA or, if appropriate, the audit
Our approach to risk management
Ariston Thermo seeks to reduce the level of tax risks arising
from its operations as far as reasonably practical. This is
achieved by ensuring that we employ appropriately qualified and
experienced tax and finance individuals who act honestly and comply
with the law, our Code of Ethics and Ariston Thermo's policies. Our
internal controls ensure that all activities of the business are
managed and verified with a view to ensuring compliance with the
tax laws in the jurisdictions in which we operate, and helping us
to identify, manage and monitor the tax risks affecting our
business. Our risk management processes in place across our
business are overseen by the Group Management with the support of
the Internal Audit function, which defines the processes that
underpin systems of compliance and internal control.
Our tolerance for tax risk
Ariston Thermo is subject to taxes in numerous jurisdictions. We
are committed to complying with the tax laws and practices in all
the jurisdictions in which we operate to ensure we calculate and
provide for the correct amount of taxes.
Risks inevitably arise due to the scale of our business and the
complexity of our business transactions. These may be relating to
the application and interpretation of tax laws, changes in tax
laws, treaties or regulations and/or introduction of new tax laws.
Our Group tax department continuously monitor changes in the tax
environment and, where there is uncertainty as to the application
or interpretation of the law, will seek external advice from
professional advisors. Group Tax monitor the usage and
relationships with the external tax advisors across the group.
Ariston Thermo takes a conservative approach to tax risk. Whilst
we do not have prescriptive level of acceptable tax risk, we
consider the latter to be driven by our integrity and social
responsibility, as well as our brand and reputation.
Our attitude to tax planning
Ariston Thermo seeks to support the commercial needs of the
business and act in the best interests of our stakeholders. To do
this, we act in accordance with our Code of Ethics and strive to
comply with the spirit and letter of all tax laws, whether local,
national or regional, in the jurisdictions in which we operate
whilst ensuring that our tax affairs are carried out in an
efficient manner. This may mean taking advantage of legally
available reliefs, exemptions and incentives, as long as the
utilization of such reliefs, exemptions and incentives is in line
with the spirit of the law.
Our relationship with tax authorities
Ariston Thermo Group continues to engage in an open and honest
manner with all tax authorities, including HM Revenue and Customs,
and is committed to being transparent with tax authorities about
the Group's tax affairs - disclosing, where appropriate, relevant
information to enable tax authorities to carry out their
We understand that there might be instances where a tax
authority's interpretation of tax legislation differs from our own.
Our aim is to work positively, pro-actively and transparently with
tax authorities to minimise the extent of disputes, to achieve
early agreement on disputed issues when they arise, and achieve
certainty, wherever possible.