Covenant with Inland Revenue on Horizontal Monitoring

Horizontal monitoring

Neele-Vat recently entered into a Horizontal Monitoring agreement with the tax authorities. “We are extremely pleased with and proud of this agreement,” said Ron Neele. “It is a sign of trust from the Tax Authority—trust in the integrity with which our company conducts its operations and in the way we perform administrative tasks. Essentially, the tax authorities are verifying our self-assessment, which we have always conducted. We view this as a logical follow-up to our AEO certification from October 2010, which is essentially also a form of horizontal monitoring. So, these are “green” and “blue” agreements. The benefits for us are that we work with the tax authorities in real time, with open communication and short lines of communication, and that this creates greater legal certainty for us.”