Tax Policy

The AFPL Group recognises the importance of tax accountability and transparency. The AFPL Group is committed to good tax governance practices to manage its tax affairs, particularly in Singapore. The guiding principles to achieve this mission are set out below:

We endeavour to comply with all relevant tax laws and regulations in Singapore. This includes timely filing and reporting of complete and accurate information and payment of tax obligations.

We adopt a low-risk approach to management of tax obligations. Tax planning (if any) is undertaken only to the extent that transactions are within the letter and spirit of the law and supported by genuine commercial activities.

1. We have formalised a governance structure for tax risk management where roles and responsibilities of key stakeholders involved in tax compliance or have management responsibility that can impact tax compliance and the resulting decision-making are clearly defined, and consistently documented:
   • • The Board of Directors is apprised of the overall tax governance strategy.
     • The Board of Directors and Finance Director are responsible for overseeing AFPL Group’s tax affairs, including producing timely, accurate and complete tax returns and paying all taxes due.
2. We maintain a sound risk management system and internal controls to identify, assess and manage tax risks and ensure accurate tax reporting.
3. Our internal tax team is competent in managing tax compliance, and where necessary, we engage external tax advisors to advise on or clarify complex issues.
4. Any significant tax issues exceeding the reporting threshold will be escalated to the Board of Directors.

1. We maintain an open and cooperative relationship with the tax authorities in Singapore.
2. We perform regular reviews and self-assessments of our tax filing positions and are committed to make accurate and timely disclosure to tax authorities in Singapore.