This statement on UOB’s approach to tax applies to the year ending 31 December 2019. It applies to UOB, London Branch and has been prepared in accordance with the requirements of the United Kingdom’s Finance Act 2016, paragraph 19(2) for a UK Subgroup.
Approach of the business to risk management and governance arrangements in relation to UK taxation
UOB is committed to complying with applicable tax laws and regulations. We disclose all relevant facts and circumstances when filing our tax returns with the HMRC.
We take the preparation of tax returns very seriously. The tax returns are prepared by third party advisors, and then reviewed by senior UOB staff prior to finalisation and submission to HMRC.
The governance of our arrangements in relation to taxation is under the management of our tax team, who is under the management purview of the Group Chief Financial Officer. The tax team works closely with our UK finance team with respect to UK taxation.
To ensure appropriate management of any tax risks identified, there are clear escalation procedures in place.
The tax team and UK finance team receive regular updates from and attend events organised by third party advisors to keep abreast with the latest UK tax developments.
To the extent that there is significant uncertainty or complexity in our tax matters, we seek professional advice from third party advisors and consult with the HMRC.
The attitude of the business towards tax planning (affecting UK taxation)
To ensure UOB remains compliant with UK tax laws and regulations, we consistently consider the potential tax implications of business plans and transactions prior to implementation, consulting third party advisors to supplement and confirm our understanding, as necessary.
The level of risk in relation to UK taxation that the business is prepared to accept
UOB has a strong compliance culture and we have a low tolerance towards tax risk. We file our tax returns accurately and in a timely manner and fulfil our tax obligations appropriately.
Due to our low tolerance towards UK tax risks, we only undertake transactions which are grounded in commercial realities and consider tax implications before implementing our business plans.
Approach of the business towards its dealings with HMRC
UOB aims to have an open and transparent relationship with the HMRC. We engage HMRC on an ongoing basis to explain our business and discuss any relevant tax issues relating to our UK business.