Tax Policy

1. Objective

This tax strategy of Toyota Tsusho Asia Pacific Pte Ltd (TTAP) is aligned with the objectives and guiding principles of Toyota Tsusho Corporation (TTC) Group’s Global Code of Conduct Ethics (COCE) and Tax Governance Policy as published on the TTC official website.

2. Our Approach to Tax Affairs

The key principles of our approach to managing tax risks are as follows:

A. Compliance with Tax Laws

We are committed to complying with all applicable laws and regulations in line with Toyota Tsusho Group’s COCE, such as meeting tax filings and payment obligations on a timely basis. We are transparent about how our tax affairs are managed. We attach great importance to conducting all business activities properly and rationally to uphold our reputation and corporate value.

B. Governance for Tax Risk Management

The Board of Directors (BOD) is apprised of the Company’s overall tax governance strategy. The Top Management Team has overall responsibility for tax matters and oversees the Company’s tax risks and compliance, with support from the General Manager and the Tax Team.

The top management team reports on important tax-related matters to BOD as necessary to improve the tax governance system.

The Company adopts a clearly defined tax management framework that promotes transparency and accountability that is based on the following principles:

  1. We undertake tax planning within the framework of transparency and compliance with prevailing laws and regulations. When entering into commercial transactions, we do not engage in aggressive tax planning or undertake structures without commercial and economic substance to uphold our reputation and corporate value.
  2. We manage our tax risks by ensuring compliance with relevant laws and actively seeking to minimise uncertainty in tax affairs in accordance with our Group’s Code of Conduct and Ethics.
  3. The Tax Team actively seeks to identify and evaluate key tax risks, including the company’s projects. The Team is competent and equipped with the necessary skills and knowledge to manage tax compliance.
  4. We seek professional advice from reputable independent external advisors when appropriate.
  5. The Tax Team and independent tax consultants review the tax return and submissions to the tax authority.

C. Relationship with Tax Authorities

We build fair relationships with tax authorities by appropriately disclosing information and engaging in constructive dialogue. We undertake all tax matters with tax authorities, government officials, ministers and other third parties in a transparent, professional, cooperative, and timely manner to resolve disputes and to achieve early agreement. We will engage the Inland Revenue Authority of Singapore (IRAS) for a ruling on material and significant transactions to achieve certainty, if required.