This statement sets out UOB’s general approach to tax.
Risk management and governance arrangements
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 tax authorities.
The governance of our arrangements in relation to taxation is under the management of our tax team. The team is under the management purview of the Group Chief Financial Officer.
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 relevant tax authorities.
To ensure we remain compliant with tax laws and regulations, we consistently consider the potential tax implications before implementing any business plans and also consult with third party advisors to supplement and confirm our understanding, as necessary.
Commitment to compliance
UOB has a strong compliance culture and a low tolerance towards tax risk. We file our tax returns accurately and in a timely manner and fulfill our tax obligations appropriately. To achieve a low level of tax risk, we only undertake transactions which are grounded in commercial realities and also consider tax implications before we implement our business plans.
Dealings with tax authorities
UOB aims to have an open and transparent relationship with relevant tax authorities in the jurisdictions we operate. We engage with the relevant tax authorities to explain our business and discuss relevant tax issues relating to our business.
Click here to read about UOB’s Approach to Tax for UK