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Tax Management
At UOB, we are committed to strong corporate governance values and practices and have a low tolerance approach towards tax risk.
We are committed to complying with applicable tax laws and regulations across the countries and territories in which we operate. This statement complies with the requirements under the United Kingdom’s Finance Act 2016, paragraph 19(2).
Tax risk management and governance
The Group Chief Financial Officer is responsible for oversight of tax responsibilities, with support from the Head of Group Tax.
UOB is committed to complying with the tax laws and regulations across the countries and territories in which we operate, and adopts a low tolerance approach towards tax risk.
Undertake transactions which are grounded in commercial realities
Consistently consider tax implications before implementing our business plans
File our tax returns accurately and in a timely manner, and fulfil our tax obligations appropriately
Employ experienced and qualified in-house tax professionals
Seek professional advice from third party advisers and consult with tax authorities on transactions with significant tax uncertainty
UOB is committed to complying with the tax laws and regulations across the countries and territories in which we operate. Our tax principles emphasise compliance with applicable laws, alignment with genuine commercial activities, transparent engagement with tax authorities and adherence to internationally-accepted standards such as the arm’s length principle. We are also fully committed to the Organisation for Economic Co-operation and Development’s Pillar 2 Global Anti-Base Erosion (GloBE) rules and Domestic Top-Up Tax rules in the jurisdictions in which we operate.
To implement these principles effectively, we integrate tax into our business planning and decision-making processes. We maintain robust monitoring mechanisms, strong internal controls and clear escalation channels to manage tax matters responsibly. These practices support effective compliance, prudent risk management and transparent engagement with tax authorities. Our commitment to accuracy, timeliness and ethical conduct is underpinned by qualified professionals who uphold high standards of tax governance across all jurisdictions.
Base Erosion and Profit Shifting
Base Erosion and Profit Shifting (BEPS) refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations. Singapore is part of the BEPS Project, led by the Organisation for Economic Co-operation and Development (OECD), to tackle BEPS issues across countries and jurisdictions in a coordinated and comprehensive manner.
UOB supports the BEPS principle that profits should be taxed where substantive economic activities generating the profits are performed and where value is created. UOB has adopted the internationally-agreed arm's length principle for the determination of prices for transactions between related parties.
We are also fully committed to the Organisation for Economic Co-operation and Development’s (OECD) new Pillar 2 Global Anti-Base Erosion (GLoBE) rules and Domestic Top-Up Tax rules in the jurisdictions in which we operate.
Tax planning
To ensure that UOB remains compliant with tax laws and regulations, we consistently consider the potential tax implications before implementing business plans and also consult with third party advisers to supplement and confirm our understanding, as necessary.
Relationship with tax authorities
UOB aims to build constructive relationships with tax authorities in the jurisdictions in which we operate. We achieve this by:
- being open, transparent and cooperative in our dealings with the relevant tax authorities;
- complying with legal obligations, including compliance, reporting and payment responsibilities;
- abiding by guidelines or recommendations issued by tax authorities, which are intended to supplement legislation;
- responding to tax queries in a timely manner and being forthcoming with information when requested; and
- for material and contentious tax issues, we may approach tax authorities for a private ruling or, less formally, as part of the early engagement review process.
Approach to tax for United Kingdom (“UK”)
This statement sets out the UK strategy of all relevant entities in the United Overseas Bank Limited (UOB) group for the year ending 31 December 2026. It is published in accordance with the requirements of the United Kingdom's Finance Act 2016, paragraphs 19 and 22.
About UOB
UOB, headquartered in Singapore, is a leading Asian bank with banking subsidiaries in China, Indonesia, Malaysia, Thailand, and Vietnam. Globally, UOB provides a wide range of financial services through its three core business segments – Group Retail, Group Wholesale Banking and Global Markets
Risk management and governance arrangements in relation to UK taxation
Tax Risk Management
UOB adopts a low risk approach to tax. Tax risks are managed under our Tax Risk Management and Governance Framework which is built on the following principles:
- Conducting transactions grounded in commercial substance
- Considering tax implications before implementing business plans
- Filing accurate and timely tax returns
- Employing experienced and qualified in-house tax professionals
- Seek advice from third party advisers and consulting tax authorities on matters involving significant tax uncertainty
Clear escalation protocols are in place for managing tax risks. UOB does not engage in transactions designed to evade tax or facilitate tax evasion.
UK Tax Compliance
UOB is committed to full compliance with UK tax laws. This includes paying the right amount of taxes in the appropriate jurisdiction at the right time, and claiming all available reliefs and incentives in line with the law.
Tax Governance
At UOB, we uphold strong corporate governance and a robust risk culture, guided by our core values: Honorable, Enterprising, United and Committed. We maintain a zero-tolerance policy towards tax evasion and the facilitation of tax evasion.
The Group Chief Financial Officer has overall responsibility for tax governance, supported by the Head of Group Tax and Group Tax team.
UK tax matters are managed collaboratively between the Group Tax team and the UOB London Branch finance team, with oversight from local senior management. UK tax returns are prepared by third-party tax advisers and reviewed by senior staff of UOB before submission to HM Revenue & Customs (HMRC).
Attitude towards tax planning and level of risk in relation to UK taxation
At UOB, we believe that tax planning must support genuine commercial activities, comply with UK tax laws and regulations, and aligned with our values. We maintain a strong compliance culture and adopts a low tolerance for tax risk.
UOB prioritises accuracy and timeliness in fulfilling its UK tax obligations. All transactions are grounded in commercial reality, and tax implications are considered as part of the decision-making process. Engagement with HMRC is initiated when necessary to ensure tax certainty.
Dealings with HMRC
UOB aims to maintain a constructive and transparent relationship with the HMRC by:
- Being transparent and cooperative in our dealings with HMRC;
- Meeting all compliance, reporting and payment obligations;
- Following HMRC guidelines and recommendations;
- Responding promptly to queries and providing requested information; and
- Proactively engaging HMRC on material or contentious issues to seek upfront tax certainty.
Information reporting
Strong governance is a cornerstone of UOB’s approach to responsible banking. We are committed to upholding high standards of integrity and supporting global efforts to promote tax transparency and safeguard the financial system.
To meet international requirements such as the Common Reporting Standard (CRS) and the United States (US) Foreign Account Tax Compliance Act (FATCA), we conduct due diligence to identify customers’ tax residency and ensure accurate reporting to the relevant authorities.
We continue to invest in systems, controls and employee training to ensure that our products and services are not used to facilitate tax evasion. These efforts reflect our commitment to transparency, ethical conduct, and maintaining the trust of regulators and stakeholders.
Related
AML, CFT and sanctions
We have robust protocols and processes for anti-money laundering (AML), countering the financing of terrorism (CFT), and sanctions.
Anti-fraud
We proactively manage fraud risks across our branches, internet banking and mobile banking channels through our governance framework.
Anti-bribery and anti-corruption
We adopt a strong stance against bribery and corruption, with our Code of Conduct specifying zero tolerance to bribery and corruption in all forms.
Related
AML, CFT and sanctions
We have robust protocols and processes for anti-money laundering (AML), countering the financing of terrorism (CFT), and sanctions.
Anti-fraud
We proactively manage fraud risks across our branches, internet banking and mobile banking channels through our governance framework.
Anti-bribery and anti-corruption
We adopt a strong stance against bribery and corruption, with our Code of Conduct specifying zero tolerance to bribery and corruption in all forms.
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