This statement applies to DBS Bank Ltd, London Branch for the year ending 31 December 2025 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 approach
We 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:
Tax governance
The Board of Directors’ responsibility for sustainability includes responsible tax management, with the Board Audit Committee reviewing tax matters. The Group Chief Financial Officer (CFO), supported by the Head of Group Tax, oversees the tax function which is responsible for tax compliance and the management of tax risks and exposures.
DBS has 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 guides to ensure continued adherence with the framework and is updated at least once every two years for any material changes.
Risk management framework
Our tax risk management framework is based on the following principles:
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 presence . 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. We aim to be transparent in our tax filings and will provide authorities with sufficient information such that robust conclusions regarding the tax treatment of our activities can be made.
Where transactions are significant and require greater certainty, we initiate transparent discussions with tax authorities to discuss and achieve upfront agreement. We also engage independent external tax advisors where necessary to conduct reviews ensuring our approach taken is appropriate.
This statement is approved by the Management Committee of DBS Bank Ltd, London Branch.
Best Bank in the World 2020, Global Finance
World's Best Bank 2019, Euromoney
Global Bank of the Year 2018, The Banker
Best Bank in the World 2018, Global Finance
