Singapore Tax Governance Policy

Emirates NBD Group is a leading financial services brand in the Middle East region. It was established in 2007 pursuant to the merger between Emirates Bank International and the National Bank of Dubai.

Emirates NBD established its Asia Pacific Regional Representative Office (“Rep”) in Singapore in 2006 and subsequently upgraded the Rep office to a branch in 2010. Branch operates under a wholesale banking license issued by the Monetary Authority of Singapore.

This document outlines the Group’s tax strategy in relation to the business activities of Emirates NBD in Singapore (“ENBD SIN”).

ENBD SIN conducts its tax affairs in accordance with the following principles: -

• Adherence to relevant national and international tax laws and regulations. ENBD SIN commits to timely and accurate registration filing of tax returns, collection and payments of taxes, appropriate documentation, and tax reporting.
• Interpretation of tax laws taking into consideration the spirit of the laws and apply such laws accordingly.
• Payment of appropriate share of taxes in accordance with the relevant laws and regulations.
• Act transparently and seek to maintain a collaborative relationship with the relevant tax authorities.

Compliance with Tax Laws

Emirates NBD is committed to complying with all applicable tax law, tax regulations and reporting requirements in the jurisdictions where we operate. Emirates NBD Group and ENBD SIN have zero tolerance for any illegal actions on tax and in line with the Group’s core values, there will be no participation in any aggressive tax arrangement.

Tax Risk Management Governance Structure

The Board of Directors maintains oversight responsibility over the conduct of Emirates NBD’s affair but for greater efficiency, board committees have been established with formally delegated objectives, authorities, responsibilities and tenure. The Board Audit Committee has the primary responsibility and function to assist the Board of Directors to fulfil its duties on managing tax risk.

More details on Emirates NBD’s corporate governance can be found on our website.

Emirates NBD adopts a responsible and transparent approach to tax risk management. ENBD SIN is committed to promote good corporate governance and deems it to be critical in our goal to create long-term value for all stakeholders. Transparency and accountability are central to ENBD SIN’s business.

Responsibility for managing ENBD SIN’s tax matters currently sits with the Chief Financial Officer who reports to the Chief Executive Officer and ultimately to the Board of Directors of Emirates NBD via the Controls and Support functions located at Emirates NBD Head Office in Dubai.

ENBD SIN maintains internal accounting systems and controls that are robust to support tax compliance obligations including keeping abreast of the tax legislative developments, preparing and filing local tax returns in a timely manner. Additionally, ENBD SIN engages external tax professional to assist with its ongoing Singapore tax compliance requirements. The Branch will monitor changes to tax legislations and where appropriate, seek external tax professional advice where law is new, unclear or subject to interpretation.

Relationship with Tax Authorities

ENBD SIN seeks to maintain a collaborative and transparent relationship with the tax authority on Singapore tax matters, including but not limited to the following stances: -

• Timely response to tax queries; and
• Accurate and complete provision of information.
• Where appropriate and possible, early engagement with tax authorities to resolve any uncertainty / issue in a professional manner.