United Overseas Bank Limited ("UOB") is committed to strong corporate governance values and practices, including in its approach to taxation. We are committed to complying with applicable tax laws and regulations across the countries and territories in which we operate.
This statement complies with the requirements under the United Kingdom’s Finance Act 2016, paragraph 19(2).
Approach to Tax Risk Management and Governance
The Group Chief Financial Officer is responsible for oversight of tax responsibilities, with support from the Head of Group Tax.
UOB takes a low tolerance approach towards tax risk. Tax risk is managed through the Tax Risk Management and Governance Framework which is based on the following principles:
Approach to Base Erosion and Profit Shifting
Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Singapore is part of the BEPS Project, led by the Organisation for Economic Co-operation and Development (OECD), to tackle BEPS issues across countries and jurisdictions in a coordinated and comprehensive manner.
UOB supports the BEPS principle that profits should be taxed where substantive economic activities generating the profits are performed and where value is created. UOB has adopted the internationally-agreed arm's length principle for the determination of prices for transactions between related parties.
Approach to Tax Planning
To ensure that UOB remains compliant with tax laws and regulations, we consistently consider the potential tax implications before implementing business plans and also consult with third party advisors to supplement and confirm our understanding, as necessary.
Relationship with Tax Authorities
UOB aims to build constructive relationships with tax authorities in the jurisdictions in which we operate. We achieve this by:
Click here to read about UOB’s Approach to Tax for UK