SG Tax Governance Policy

Introduction

The Company is dedicated to ensuring adherence to all relevant tax laws and regulations, while promptly fulfilling our fair share of tax obligations. Mindful of our role as responsible taxpayers, we carefully evaluate the tax implications of each business decision that we make.

We strive to manage and mitigate tax risks, uncertainties, and disputes. We maintain regular communication with external tax advisors to seek professional guidance on tax matters, where necessary.

Compliance with Tax Laws

We embrace a collaborative approach when dealing with tax compliance matters through fostering a cohesive working relationship among the tax, accounting, and finance functions, as well as relevant third parties to ensure accurate and timely submission of tax returns. The arm’s length principle is applied on related party transactions and supported by contemporaneous transfer pricing documentation, where required.

We adopt a proactive stance in updating our tax policies and procedures to address evolving norms and emerging tax rules changes. While the tax team is primarily responsible for disseminating tax updates and changes to the affected business units, relevant personnel such as management, tax team, and finance team etc. are kept abreast with latest updates and changes on Singapore tax matters via IRAS’ e-Alerts and email updates from external professional accounting firms.

Business strategies undertaken are substantiated by commercial and economic circumstances which are in line with the tax laws.

Governance Structure for Managing Tax Risks

A governance structure outlining key roles and responsibilities for tax risk management has been established within the Company. The tax team escalates significant tax matters to management / board for their attention, where appropriate.

Tax risk management controls and processes are also implemented to effectively manage the Company’s tax affairs and mitigate associated tax risks. In managing the Company’s tax affairs, the tax team will seek advice from external tax advisors when dealing with complex or uncertain tax matters to ensure adherence and compliance to applicable tax laws.

To ensure alignment with evolving business dynamics and legislative changes, tax risk management controls and processes undergo periodic reviews as per the Company’s established risk review cycle.

Relationship with Tax Authorities

We seek to maintain an open and proactive dialogue with IRAS, initiating discussions to seek IRAS’ advice on complex and/or controversial tax issues to minimise tax uncertainty.

Routine reviews are conducted on the Company’s tax filings as part of our self-assessment evaluation process to identify, rectify and disclose tax errors found, if any.

Where appropriate, we will also engage the assistance of external tax advisors to ensure accurate and complete disclosure of relevant facts in our correspondence with IRAS.