The First Abu Dhabi Bank P.J.S.C. (“Group” or “Bank”) including its London branch publishes its Group Tax Strategy in accordance with paragraph 22(2), Schedule 19 of Finance Act 2016.
The Group is headquartered in the United Arab Emirates (“UAE”), and in particular, in the Emirate of Abu Dhabi. The Group is seen as the largest Bank in the region on a number of metrics, and carries out its responsibilities accordingly. The UAE announced the introduction of a Federal level Corporation tax in January 2022, which would be effective for the Bank from 1st January 2024, following the introduction of Value Added Tax in January 2018. This announcement included transfer pricing requirements largely to follow the guidelines of the OECD pronouncements.
In the UK, the Bank has adopted HMRC’s Code of Practice for the Taxation of Banks and continues to be supportive of global initiatives to improve tax transarency, ESG accountibility, and compliance. The Bank publishes an annual Environmental, Social and Governance [“ESG’] report complaint with Global Reporting Initiative (GRI) 2016 standard core, and Sustainability Accounting Standard Board (SASB) Index: Commercial Banks, as well as being AA (“Leader”) rated by the MSCI ESG index.