Financial year ending 31 December 2024
This strategy applies to CNR International (UK) Investments Limited and all UK entities in its group (hereafter referred to as CNR or company). CNR’s ultimate parent company is Canadian Natural Resources Limited, which is a publicly listed company headquartered in Alberta, Canada. CNR is committed to maintaining the highest level of business ethics and principles to ensure that it is in compliance with all applicable laws. All personnel working for CNR must agree to the Company’s Code of Integrity, Business Ethics and Conduct and apply it in all of their business dealings. CNR’s culture is embodied in its mission statement “To develop people to work together to create value for the Company’s shareholders by doing it right with fun and integrity”.
Tax Risk Management & Governance.
CNR’s business is large and covers many different locations. Given the scale of the business and complexity of the tax obligations, due diligence is required in the management of risks in relation to the interpretation of complex tax laws and nature of our compliance arrangements. CNR has an appropriately qualified and competent tax department who monitor, evaluate and actively manage these risks to ensure the company understands the likelihood of occurrence and the potential impact of each risk. CNR is committed to being a responsible corporate citizen, and complies with all applicable tax legislation and practice in the UK, to ensure it files all necessary tax returns on time and pays the correct amount of tax due at the correct time. The company has developed and adheres to policies and procedures to manage its tax compliance burden by matching roles and responsibilities that reflect the team’s experience and competency.
Responsible Tax Planning
The tax department supports the commercial needs of the business by ensuring CNR’s affairs are conducted in an efficient manner and are compliant with all relevant tax laws and regulations. We take well-reasoned positions based on available case law and administrative positions and engage external advisors where considered necessary.
Relationship with HMRC
CNR engages with HMRC with honesty, integrity, respect and fairness and in the spirit of co-operative compliance. Where the company may disagree with a ruling or a decision by HMRC it will seek to resolve the matter through active and transparent discussions to better understand HMRC’s interpretation and application of UK tax law.
Senior Management Ownership
This tax strategy is aligned with the company’s Mission Statement and Code of Integrity, Business Ethics and Conduct and is approved by and owned by the board of CNR.