The Fujifilm Group has implemented a Group Tax Policy, which is available here.
The Fujifilm Business Innovation entities incorporated in Singapore, namely Fujifilm Business Innovation Asia Pacific Pte Ltd (FBAP) and Fujifilm Business Innovation Singapore Pte Ltd (FBSG), are committed to good tax governance practices for their tax affairs in Singapore. The guiding principles, which are in line with the Fujifilm Group Tax Policy, are set out below:
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Compliance with tax laws
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- We endeavour to comply with all relevant tax laws and regulations in Singapore.
- We do not undertake aggressive tax planning. Our businesses are driven by genuine commercial and economic activities.
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Relationship with Tax Authorities
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- We maintain an open and cooperative relationship with the Inland Revenue Authority of Singapore (IRAS) and will proactively engage the IRAS to resolve issues that pose tax uncertainty.
- We perform regular reviews and self-assessments of our tax filing positions and are committed to make accurate and timely disclosure to the IRAS.
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Governance for managing tax risks
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- We have formalised a governance structure for tax risk management where roles and responsibilities are clearly defined:
- The Board is informed of the overall tax governance strategy.
- Senior management, supported by the AP Regional Headquarters Tax Function is responsible for overseeing FBAP’s and FBSG’s tax affairs, including producing timely, accurate and reliable tax returns and paying all taxes due.
- We maintain a sound risk management and internal control system to identify, assess and manage tax risks and ensure accurate tax reporting.
- Our internal tax team is competent in managing tax compliance, and where necessary, we would engage external tax advisors to seek their advice or clarification on complex tax issues.
- Any significant tax issues exceeding the reporting threshold will be escalated to the Board.
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