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UK Tax Strategy

UK Tax StrategyThis statement applies to DBS Bank Ltd, London Branch for the year ending 31 December 2024 and has been prepared in accordance with the requirements of the United Kingdom Finance Act 2016 Schedule 19 paragraph 19.

The UK Tax Strategy is aligned to DBS Group’s Responsible Tax Management and enables 'local control with head office oversight’.Our approachWe believe that maintaining a fair and transparent approach to tax management is the foundation of responsible business practices. This underpins our continual commitment to pay our fair share of taxes in the locations where we operate and comply with all relevant tax laws and regulations.

We do so by:

Conducting our business in an ethical and professional manner

We adopt ethical and professional business practices and ensure that our tax policy and tax risk management framework are effectively implemented.

Strengthening relationships based on the principles of transparency and fairness

Build and enhance trust with tax authorities based on strong tax governance and transparency.

Actively contributing to industry efforts on tax rules development

Participate in industry feedback on key tax regulations and policies, with the intent of achieving the policy objectives and intended outcomes.

Tax governanceRisk management framework

We only undertake transactions which are underpinned by strong commercial motivations that can withstand public scrutiny.

We carefully consider the potential tax sensitivity of transactions and are guided by a set of established escalation and approval procedures.

We have sufficient skilled employees in the locations where we have significant operations, and we will seek independent advice on transactions with significant tax uncertainty.

We take our tax compliance responsibilities seriously and fulfil all our obligations as a responsible taxpayer.

These principles allow us to align our tax contributions with the values created in any tax jurisdiction. Our approach to transactions with clients is guided by our Tax Sensitive Transactions Standard. We will not knowingly engage in tax structures that aim to evade tax. In addition, we have processes in place to ensure that transactions that may lead to tax avoidance are escalated and reviewed by risk and control functions as and when required.

Evolving tax landscape

The global tax landscape continues to transform rapidly, with greater focus on tax transparency and governance. The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project delivered a BEPS package in 2015 that contains 15 Actions to tackle tax avoidance, improve the coherence of international tax rules and ensure a more transparent tax environment. This is followed by the BEPS 2.0 Project to address the tax challenges arising from the digitalisation of the economy. DBS operates in a highly regulated industry. We maintain economic substance and conduct businesses in places where we have physical presence¹ . As domestic tax laws and international tax standards continue to evolve, we will continue to discharge our role as a responsible and compliant taxpayer through consistent implementation of the BEPS measures.

Working with HMRC

The local finance team has primary responsibility for the timely filing of statutory tax returns and making tax payments to HRMC. We seek to maintain a transparent and constructive relationship with HMRC, based on mutual trust wherever possible. We deal with tax queries in a co-operative, supportive and professional manner, and may seek independent external advice on complex tax matters.

This statement is approved by the Management Committee of DBS Bank Ltd, London Branch.

^{[1] Where tax incentives are offered, we applied for them, fulfilling the conditions set out by the relevant Authorities.}

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