REG - Volex PLC - Annual Report and Accounts 2017 & Notice of AGM <Origin Href="QuoteRef">VLX.L</Origin> - Part 2

VolexAnnouncement

28/06/2017 07:21

- Part 2: For the preceding part double click  ID:nRSb3549Ja 

                                                                                                                     advice appeal these findings to a higher office.                                                                                
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 
 
The Group takes an uncompromising approach towards non-compliance.  The
group's Code of Conduct provides a framework to general compliance and
governance policies that have been established to ensure compliance with laws,
regulations and standards.   The Group continually monitors developments in
applicable laws and regulations in the jurisdictions in which it operates and
external advice is sought where necessary. Regular monitoring programs are in
place at all sites to enable continuous improvement. Irrespective of our own
internal controls and advice provided by external consultants, we have noted
in the past year that certain taxation authorities facing local funding
shortfalls are becoming more aggressive in their application of tax law to the
point of imposing significant penalties on minor offences and even in some
cases imposing tax demands that have little basis in the local tax rules.  In
these instances, we continue to engage with local independent consultants and
on their advice appeal these findings to a higher office. 
 
For further information please contact: 
 
Volex plc 
 
Daren Morris, Chief Financial Officer and Company Secretary 
 
+44 (0)208 017 3240 
 
This information is provided by RNS
The company news service from the London Stock Exchange