The First Abu Dhabi Bank P.J.S.C. (“Group” or “Bank”) including its London branch, Group Tax Strategy conforms 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 in the region on a number of metrics, and carries out its responsibilities accordingly. The UAE introduced a Value Added Tax in January 2018 at a federal level, while each Emirate exercises its own Decree to manage the introduction of Corporation and other taxes.
In the UK we have adopted the HMRC’s Code of Practice for the Taxation of Banks and continue to be supportive of global initiatives to improve tax transarency.