DBS is committed to paying our fair share of taxes across the countries in which we operate, and to comply with applicable tax laws and regulations.
Our dealings with tax authorities are regular and based on mutual respect and trust. We aim to be transparent in our tax filings, and will provide tax authorities with sufficient information such that robust conclusions regarding the tax treatment of our activities can be made. We participate in the Enhanced Taxpayer Relationship Programme introduced by the Inland Revenue Authority of Singapore to facilitate timely resolution of our tax matters.
The statements presented in this section comply with the requirements under the United Kingdom Finance Act 2016, Schedule 19, paragraph 19 for the Group. These statements are effective from 2017, and in effect for 2018.
The Board of Directors has overall responsibility for sustainability at DBS, and takes into account responsible tax management as part of its consideration of environmental, social and governance (ESG) matters in the development of the Group’s strategy. The Group CFO, supported by the Head of Group Tax, oversees the tax function which is responsible for ongoing tax compliance and robust management of tax risks and exposures.
DBS has a low tolerance for tax risk and adopts a clearly-defined tax risk management framework that promotes transparency, fairness and accountability. This is implemented through our Group Tax Policy, which is approved by the Group CFO. The policy is further supplemented by standards and procedures to ensure continued adherence with the framework.
DBS’ tax risk management framework is based on the following principles:
1. We only undertake transactions which are underpinned by strong commercial motivations that we are prepared to fully disclose.
2. We carefully consider the potential tax sensitivity of transactions and are guided by a set of established escalation and approval procedures.
3. We have sufficient skilled staff in tax matters within each major location and we will seek independent advice on transactions with significant tax uncertainty.
4. We take our tax compliance responsibilities very seriously. Senior management and independent tax consultants review our returns and submissions prior to finalisation.