Our commitments – Responsible Tax Management
OCBC is committed to complying with applicable tax laws and regulations by paying our fair share of taxes across all countries in which we operate. These include all taxes that we incur on our business operations, as well as tax that we collect on behalf of the government, such as withholding taxes.
Approach to risk management and governance arrangements
OCBC’s CFO, assisted by the Head of Group Tax, oversees the tax function which is responsible for tax compliance and tax risk management.
Given that tax legislation itself is complex and varies across the countries in which we operate, tax risk can arise due to differences in the interpretation of such legislation.
To address this, we apply our tax risk management framework which is designed to help us monitor, manage and mitigate our tax risks in a structured manner. To the extent that there is significant tax uncertainty or complexity, we will seek external professional advice or where applicable, consult with the relevant tax authority.
Attitude towards tax planning
We only undertake transactions which are grounded in genuine commercial activities.
Approach towards our dealings with tax authorities
OCBC seeks to maintain an open and transparent relationship with tax authorities in the jurisdictions we operate. Our dealings with tax authorities are based on respect and trust.