DB Insurance strictly abides by tax laws of the nation, and various duties of declarations, reports and tax-related cooperation are completely carried out as required by related regulations. The company also sincerely cooperates with tax authorities in connection with tax audits and various requests by the authorities, and all tax-related matters are transparently published.
Accounting related to corporate taxes are carried out in compliance with international accounting standards, and reflected in the financial statement through review at the end of every quarter and accounting audit at the end of every year by external auditors. Also, corporate related matters such as corporate tax costs and deferred corporate taxes and effective tax rates are recorded in the financial statement and its note, and published through electronic publication system(http://dart.fss.or.kr/).
For establishing a transparent tax management system under the robust Tax Strategy, we have disclosed the following
1. Principle of Tax Assignment
2. and Tax Compliance Standard.
DB Insurance’s businesses comply with applicable tax regimes and respect the regulations from each tax territories.
Principle of Tax Assignment
- Observe all applicable laws, rules, regulations and disclosure requirements
- Apply diligent professional care and judgment to arrive at well-reasoned conclusions
- Ensure all decisions are taken at an appropriate level and supported with documentation that evidences the facts, conclusions and risks involved
- Undertake all dealings with tax authorities, government officials, ministers and other third parties in a professional, courteous and timely manner
- Follow Internal Compliance and Anti-Money Laundering System
- The Company should submit all returns by their due dates in line with local tax law
- In line with the code of conduct and with due consideration of the risk scale, all material positions taken in the tax returns must be supported in terms of documentation and legal interpretation. It is strongly recommended that clear documentation of facts and circumstances be recorded at the time of any transaction
- The tax function will robustly defend tax positions taken in the Company’s tax returns
- The tax function will proactively pursue any tax timing benefits within the context of the tax risk strategy
- The tax function should monitor changes in relevant tax laws and practices, and undertake regular training in order to assess any consequences for the Company, with the minimum aim of mitigating any adverse impact
- The tax function will manage its compliance affairs to minimize the risk of any adverse public comment Tax Reporting(Reporting by Country)
- DB Insurance publicly reports on the following contents for our major countries, and Revenue, Operating Profits, Taxes paid and Effective tax rates from different tax regimes.
- Tax reporting status by country is reported separately in the Tax Reporting report.
DB Insurance identifies and evaluates the risks of taxation in the long-term. In order to manage taxation risks, the company identifies the risks as financial risks and business risks.
Business risks are categorized as follows:
- Legal & Political Risks
- Tax related Reputational Risks
- Accounting Risks
- Agency Risks