UK Tax Strategy 2017
Mega International Commercial Bank Ltd. (hereinafter referred to as “Mega Bank” )regards the publication of UK tax strategy as complying with the duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016 in the current financial year.
Mega Bank London Branch has summarised the way of managing UK tax affairs as follows:
1. Governance and controls over UK taxes
- Mega Bank ’s tax governance policy is based on the principles of honesty and conservatism.
- Mega Bank is part of the Mega Financial group, and its parent company is Mega Financial Holding Company (hereinafter referred to as “Mega Holdings”). As Mega Bank benefits from conducting business in the UK, Mega Bank ensures that it not only complies with overall Governance Policy of Mega Holdings, but also contributes to UK public finances through a responsible and compliant approach to taxation.
2. Tax planning
- All the tax planning is in accordance with the principles of Mega Holdings.
- Mega Bank London Branch complies fully with all tax obligations and requirements set out by HMRC including but not limited to the UK Code of Practice on Taxation for Banks.
3. Working with HMRC
- Mega Bank London Branch maintains an open and honest communication channel with HMRC.
- If there is any uncertainty regarding the application of tax law, Mega Bank London Branch will contact HMRC directly in order to obtain clarification on the issue.
- Mega Bank London Branch is required to make filings to HMRC every year and aims to make them correctly and on time.
4. Tax risk appetite and risk management
- Tax risk is a prime threat to the reputation of Mega Bank London Branch and therefore to Mega Bank. Mega Bank London Branch therefore takes a zero-tolerance stance in regard to tax non-compliance and will ensure that its obligations are met in full.
- For matters with significant uncertainty or complexity in relation to tax risk, Mega Bank may seek advice from qualified external experts or consultants to make sure Mega Bank complies with UK tax Law.