We aim to be tax compliant. All taxes and charges are paid according to local laws and regulations in the countries where we operate. However, taxes are to be optimized and managed efficiently to help sustain our long term business growth. We also see tax as an important part of our social responsibility and sustainability development.
Our strategy is to:
- Establish and improve tax governance processes that ensure tax compliance, appropriate disclosure and fulfillment of filing obligations in the relevant jurisdictions.
- Keep abreast of tax law developments and updates in the countries where we operate.
- Seek advice from top tier tax and accounting firms to obtain expert advice and opinions on tax matters.
- Work in a collaborative, transparent and proactive way with tax authorities so we can understand the tax issues and manage tax risks properly and reduce compliance costs and penalties.
- Aim to timely settle or find proper solutions to resolve the major pending disputes with local tax authorities.
- Follow the international and/or regional development trend in tax requirements such as OECD Transfer Pricing guidelines, Action Plans on Base Erosion and Profit Shifting (BEPS Action Plan) and comply with local Transfer Pricing requirements, tax regulations and rules.
- To achieve the objective of improving tax efficiency, we will seek to pursue legally available tax incentives granted by local government. These incentives may influence our business decision making, but are only one of a range of economic factors taken into consideration.