UK Tax Strategy

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UK Tax Strategy

UK Tax Strategy 2023

Mega International Commercial Bank Co., Ltd. London Branch (“The Branch”) solely operates in UK and is committed to comply with paragraph 22 of Schedule 19 of the Finance Act 2016. Therefore, the strategy is stipulated accordingly and is obliged to be revealed to the relevant stakeholders of the Branch. The Tax Strategy is approved by the Board of Directors and will be annually reviewed.

Governance and risk management

The Branch ’s tax governance policy is based on the principles of honesty and conservatism.
As part of the Mega Financial Holding Co., Ltd, The Branch ensures that it complies with the Group Tax Governance Policy.
The General Manager of the Branch is ultimately responsible for the UK tax affairs. The accounting manager will manage the day-to-day tax matters of the Branch and can escalate any issues to the General Manager and the Bank’s Head Office.
With consideration to the scale of the Branch, we believe our tax affairs to be relatively simple and straightforward, however certain tasks which must be done on a regular basis will require more expertise to complete and to ensure they are done in compliance with tax law, reputable external advisors will be used for situations such as (but not limited to) the preparation of UK tax returns or the implementation of any new or updates to UK tax law.

Tax planning

The Branch complies fully with all tax obligations and requirements set out by HMRC.
The Branch will not employ any aggressive tax planning or tax avoidance scheme in order to artificially reduce its UK tax liabilities.
For matters with significant uncertainty or complexity in relation to tax risk, the Branch may seek advice from qualified external experts or consultants to make sure it complies with UK tax Law.

Tax risk appetite

Tax risk is a prime threat to the reputation of the Branch. The Branch has a low tax risk appetite and takes a zero-tolerance stance in regard to tax non-compliance and will ensure that its obligations are met in full.

Working with HMRC

The Branch maintains an open and honest communication channel with HMRC.
If there is any uncertainty regarding the application of tax law, the Branch will contact HMRC directly in order to obtain clarification on the issue.
The Branch is required to make filings to HMRC and aims to make them correctly and on time.