With tax laws constantly changing, the Branch's and the Group’s tax affairs and tax risk management procedures are reviewed regularly to ensure that processes are up-to-date and in line with the latest law and regulations so that we are able to identify, assess, manage and mitigate tax risk.
Responsibility for Tax strategy, policies and management of tax risk ultimately rests with the Group Chief Financial Officer, with day to day responsibility for the operation of the tax function resting with the Group Tax Department. The UK tax strategy will be reviewed and approved annually by the Group Chief Financial Officer.
We continue to consider our policies and procedures to help ensure our banking services are not associated with any arrangements known or suspected to be designed to facilitate tax evasion.
We continue to support global tax initiatives to improve transparency such as:
- the OECD Standard for Automatic Exchange of Financial Account Information (also known as the Common Reporting Standard);
- the Capital Requirements Directive IV (‘CRD IV’) Country by Country Reporting;
- the OECD Base Erosion and Profit Shifting (‘BEPS’) initiative; and
- the US Foreign Account Tax Compliance Act (‘FATCA’).
First Abu Dhabi Bank PJSC regards this publication as complying with its statutory duty under para 16(2), Schedule 19, Finance Act 2016 for the year ending 31 December 2017.