Dymon Asia Capital (Singapore) Pte. Ltd.
Compliance with Tax Laws
We are committed to fulfilling our tax obligations by ensuring accurate and timely filing of tax returns for all applicable taxes, in accordance with applicable tax laws and regulations.
We adhere to international standards, including the OECD Guidelines, to ensure that transactions with related parties align with the arm’s length principle, while remaining committed to complying with the laws and regulations of the countries in which we operate.
Our internal policies and procedures are reviewed and updated annually, or as necessary to reflect any changes in tax laws and regulations pertinent to our business operations.
Our business structures are driven by commercial considerations, aligned with our business activities, and our approach is to be compliant and understand our responsibilities when it comes to tax matters.
Governance Structure for Managing Tax Risks
The Finance department is responsible for overseeing the Company’s tax affairs. The Finance department provides tax updates to the Management and tax risk committee as and when significant tax matters arise, and annually at the tax risk committee meeting.
All tax-related risks are documented in a tax risk register, as and when new risks are identified.
The tax risk committee discusses and assesses tax risks by referring to the Group’s risk appetite and determines the appropriate actions to take based on the assessed risk level. Tax matters that exceed the materiality threshold and have a potential material financial or other impact to the Company are escalated to the Group’s Executive Committee for their oversight.
The tax policy is subject to periodic review, at least annually and is updated as appropriate to reflect evolving business dynamics and legislative developments.
We take a proactive approach to update the tax policy to address new and changing norms in the taxation landscape. Our finance department stays informed about changes in tax rules through IRAS eAlerts, as well as training and seminars conducted by professional consultants to keep abreast of latest tax developments.
Where a new tax law is unclear or subject to interpretation, we follow the generally understood interpretation of tax law professionals or may seek advice or advance clearance from tax authorities to ensure the Companies’ position is aligned with the intent of the tax law.
As part of our tax risk management process, qualified external tax advisors are engaged to ensure risk level is within the Company’s acceptable thresholds particularly in areas of ambiguity, regulatory changes, new transactions, business activities, or entity setups in order to prevent unforeseen risks such as tax avoidance, evasion, or fraud.
Relationship with Tax Authorities
We strive to work collaboratively with the Inland Revenue Authority of Singapore (“IRAS”), maintaining a professional and open relationship based on transparency and trust.
Annual tax risk committee is held to review new and on-going risks from the Companies’ internal and external environment.
Where needed, we also consider the opportunity to voluntary disclose tax errors under the Voluntary Disclosure Programme and ensures that appropriate controls will be put in place to prevent future recurrence of the errors.
We endeavour to respond to all correspondences from tax authorities in a timely and proactive manner.
In our correspondences, we seek to proactively discuss and resolve relevant material tax issues and provide accurate disclosure of the necessary and relevant facts as appropriate.
