Bank of the Philippine Islands Europe PLC (BPIE) is a wholly owned subsidiary of the Bank of the Philippine Islands, a public banking company founded and headquartered in the Philippines.
This paper sets out the UK tax strategy of BPIE in compliance with the requirement of paragraph 19 of Schedule 19 to the Finance Act 2016 (‘the Schedule’).
"UK Taxation" in this context refer to the taxes set forth in paragraph 15(1) of the Schedule, which includes Corporation Tax, PAYE, NIC, and VAT.
BPIE has a conservative approach to tax risk and its attitude towards tax planning is consistent with its purpose and value. The company uses a tax risk framework to assess and monitor tax risk and does not undertake purely artificial transactions in order to obtain a tax benefit