Tata Motors European Technical Centre plc (TMETC) was established in 2005 by Indian parent company, Tata Motors Limited (TML), with the purpose of strengthening TML's technical capabilities through delivery of world class automotive design and engineering services. As a result, TMETC is subject to tax in various territories and can therefore face complexities. However, remaining compliant through an honest and transparent means, is always the priority for TMETC.
Being part of an international group, and having a tax presence in both the UK and India, the tax law affecting the business can be complex and subject to change and interpretation, so a degree of tax uncertainty is inevitable. To offset any tax risks, TMETC’s approach is one of honesty, integrity and compliance. TMETC's Finance function works closely alongside our external tax professionals in the majority of the Company's tax affairs, and engages with the relevant tax authorities at the earliest opportunity as required.
Tax risk is overseen on behalf of the Board by our Chief Financial Officer, who is also our Senior Accounting Officer, through an annual review process where mitigation steps can take place to reduce the likelihood and/or impact of any risk. This ensures a high level of transparency is maintained. TMETC’s Finance Team consists of several qualified accountants with the skills, knowledge and experience to manage the Company’s tax affairs, who undertake mandatory CPD training to stay up to date with the relevant tax compliances.
The approach to tax planning is to prioritise compliance. As well as seeking guidance from our external tax advisers on the implications of business decisions, TMETC is in regular contact with its parent and UK sister companies’ Tax Teams, who provide support and guidance where necessary. We take great pride in adopting and abiding by the Tata Code of Conduct (TCOC), which is adopted by all Tata companies. Tata Group is known for being a highly ethical organisation, and all employees are required to sign up to the TCOC at the start of their employment and incorporate it into their day-to-day activities.
We take a proactive approach in building the relationship with our Customer Compliance Manager, and strive to assist HMRC as quickly and efficiently as possible in the event of any queries or enquiries. TMETC regards this document and its publication as complying with its duty under Para 19(2), Sch 19, FA16. This is applicable for the year ended 31st March 2023.