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Good Corporate Governance

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Tax Policy

1. General Requirement

1.1 Purpose

     The Tax Policy (“this policy”) is intended to provide a framework for tax management in compliance with the law, including the filing and payment of relevant taxes, and to manage resources within the Group to ensure full, accurate, and lawful compliance with tax regulations. This shall be achieved by utilizing the Group’s resources – both personnel and operating systems – to achieve the highest efficiency.

1.2 Scope

     This policy applies to Bangkok Life Assurance Public Company Limited and its subsidiaries, both domestic and international, if any. International subsidiaries must seek approval to adopt this policy, or use it as a guideline for preparing an equivalent policy.

1.3 Policy Exception or Exemption

     None.

1.4 Relevant Law, Rule, and Policy

     This policy is established in accordance with the following laws and rules:

  • Act on Promulgating the Revenue Code
  • Revenue Code
  • Royal Decrees issued under the Revenue Code
  • Ministerial Regulations issued under the Revenue Code
  • Announcements, Rules, or Ministerial Orders such as an Announcement of Director-General of Revenue Department

1.5 Effective Date

     This policy shall be effective from the date of approval by the Board of Directors

1.6 Review Frequency and Revision

     This policy must be reviewed annually, or when a significant change arises.

     Any significant revisions, review, or renewal of this policy are subject to approval by the Board of Directors. Meanwhile, insignificant revisions are subject to approval by the Management Committee (MC) and/or relevant subcommittees before being submitted to the Board of Directors for acknowledgement.

1.7 Responsible Function

     The Accounting and Finance Division (Accounting Department) is the responsible function of this policy

2. Main Requirement

2.1 Definition

  2.1.1 “The Company” means Bangkok Life Assurance Public Company Limited.
  2.1.2 “Subsidiary” means companies in which the Company holds shares directly or indirectly of more than 50%.
  2.1.3 “Law” means the Revenue Code and relevant Announcements, Rules, or Ministerial Orders.

2.2 General Principle

     This policy is designed to ensure that the Company's operations comply with the established objectives, laws, and regulations. Therefore, it is deemed appropriate to require tax personnel to study and understand this Policy and strictly adhere to it.

2.3 Role, Duty, and Responsibility

  2.3.1 The Board of Directors (“BoD”) is responsible for establishing the structure of the policy.
  2.3.2 The Management Committee (“MC”) is responsible for enforcing the policy.
  2.3.3 Employees are responsible for implementing the policy.

     In addition, the policy owner is responsible for ensuring that the relevant divisions and/or departments establishes a procedure to comply with the policy, and the procedure owner is responsible for developing a manual that is in compliance with the procedure.

2.4 Requirement

  2.4.1 To manage taxes to the utmost benefit of stakeholders by complying with the law and maintaining a good reputation and relationship between the Group and relevant government tax authorities.
  2.4.2 To file tax remittances within the period prescribed by law, and manage tax payments or tax refunds to maximize liquidity for the Group.
  2.4.3 To set up a business unit responsible for taxation, which shall coordinate with relevant government tax authorities to establish good relationships and confidence with the agencies.
  2.4.4 In case of new or complex transactions, the Group shall consider a plan, conduct research, assess tax impacts, or discuss tax issues related to such transactions with the Legal Office or the tax consultant to reduce any tax consequences and ensure compliance with applicable laws before conducting the transactions.
  2.4.5 To require a tax risk assessment to ensure responsible personnel are aware of the risks while performing duties and an annual risk review.
  2.4.6 To encourage tax personnel to regularly participate in training programs and continuously seek up-to-date knowledge about taxes.
  2.4.7 To stay informed of current and forthcoming tax legislation relevant to the Group to plan and consider their impact on the Group.

2.5 Penalty

     Employees who violate this policy may be subject to disciplinary penalty in accordance with the Company's regulations and may be subject to other penalty imposed by the relevant laws, rules, regulations, or requirements.

2.6 Transitory Provision

     Any Company policies or documents that are not contrary to or inconsistent with this policy or that impose stricter requirements shall remain enforceable. Conversely, any Company policies or documents that are contrary to or inconsistent with this policy or that impose less stringent or inequivalent requirements shall be amended by the responsible division, department, or section within sixty days or within an appropriate timeframe from the date this policy takes effect.