Tax Strategy

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.

Commitment to Compliance

BPIE is committed to compliance with all statutory obligations  and full disclosure to the tax authorities. The company’s tax policies require compliance with both the letter and spirit of UK tax law.

Governance

The Board of Directors of BPIE is responsible for the governance and policy of the company in relation to UK taxation. Under its oversight, the Managing Director and Chief Financial Officer take day-to-day responsibility of the bank’s tax obligations.

Tax Risk Management

BPIE’s on-going approach to UK tax risk management and governance is based on the principles of reasonable care and materiality.

Attitude towards Tax Planning and Levels of Risk

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.

Approach towards Her Majesty’s Revenue and Customs (HMRC)

BPIE engages the HMRC with transparency, integrity and respect. The company seeks to resolve any issues that arise with HMRC in a timely and cooperative manner.