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Tax principles

Our Tax Principles are integral to our sharia compliant ethical approach and have been approved by our Board of Directors. These Tax Principles guide how we manage our tax affairs, for ourselves, our staff, suppliers, market counterparts and on behalf of our clients.

We take in to account our stakeholders, including governments and communities, when making decisions related to our tax affairs. Importantly, we play an important role on behalf of governments as collector of taxes in relation to payments made to our customers and staff.

The publication of these Tax Principles (along with our Overall Tax Management approach) is to fulfil the duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016.

Tax Principles

  • We are signatories of HMRC’s Code of Practice on Taxation for Banks and our Tax Principles are framed in the spirit thereof.
  • Taxation is a fundamental part of our Finance function and the responsibilities for taxation matters are defined within our Tax Risk and Controls Framework.
  • Our taxation approach is aligned with our purpose and values, having regard to building long-term shareholder value and maintaining our credible reputation as a responsible taxpayer.
  • We comply with the spirit as well as the letter of tax laws and fully meet our tax obligations.
  • We ensure that the tax risk appetite remains low and that any inherent tax risks are appropriately mitigated. Where necessary, we will enter discussions with tax authorities and/or tax advisors regarding uncertain tax positions to resolve any potential risks or issues.
  • We do not engage in tax planning other than that which supports our genuine commercial activity. 

Overall Tax Management

The following apply in respect of the way we attend to our tax affairs, the risks associated with our tax affairs and the management of our relationship with HMRC.

  • The Board of Directors are accountable for the Tax Principles and governance.
  • The Board of Directors and Senior Management are responsible for establishing and maintaining appropriate processes to ensure adherence with the Tax Principles in business decision-making. 
  • We maintain internal controls over our tax affairs and have clear lines of accountability. We ensure an appropriate level of corporate governance to provide oversight on our tax management processes.
  • We do not undertake, nor facilitate, transactions which are designed to achieve tax results that are contrary the intention of tax legislation. We are committed to combatting financial crime including money laundering arising from tax evasion. 
  • We foster a culture of transparency and are transparent in our interaction with taxation authorities. We maintain an open and honest relationship based on collaboration and integrity. Issues with taxation authorities are resolved in a timely manner, and where a difference of opinion arises, we work to resolve such matters quickly and efficiently.

More information on Al Rayan Bank

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