Emirates NBD, is a leading banking group in the Middle East, and was formed in October 2007 as a result of the merger of Emirates Bank International and the National Bank of Dubai.
Our UK presence originated in 1986 with the creation of our London Branch (“Emirates NBD UK”), which focuses on three main business lines: Private Banking, Wholesale Banking, and Treasury.
This document outlines the Group’s tax strategy in relation to the business activities of Emirates NBD in the UK, in accordance with the requirements of Paragraph 16(2) Schedule 19 Finance Act 2016 which applies from 1 January 2017.
Our UK tax affairs are conducted in accordance with the following principles:
Approach to Risk Management and Governance
Emirates NBD UK is committed to promoting good corporate governance and considers it to be a critical part of our goal of creating long-term value for all stakeholders. Transparency and accountability are central to Emirates NBD UK's business.
As a regulated business, we are committed to operating in a prudent and responsible manner, with a strong control environment. We are regulated by the Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’). As part of the Senior Managers and Certification Regime required by the PRA and FCA, we have a specific Finance Senior Manager who is responsible for oversight of the Finance activities.
We have internal tax risk management procedures and practices in place to ensure that we fulfil our tax obligations. Responsibility for managing the UK tax matters fall within the direct responsibility of the UK Finance Team and the UK Senior Finance Manager, who ultimately report to the General Manager in the UK and ultimately to the Board via control and support functions located at our Head Office in Dubai.
Emirates NBD UK engages external tax professionals to assist with its ongoing UK compliance requirements, including corporation tax, VAT and employment taxes. External professional advice is also sought when considering the impact of new tax legislative developments.
More details on Emirates NBD’s corporate governance can be found on our website: http://www.emiratesnbd.com/en/about-emirates-nbd/governance/
Attitude to Tax Planning
All of Emirates NBD UK’s activities are commercially and business driven and targeted tax planning is not a consideration of our overall business planning. The key components of our attitude to tax planning are:
Emirates NBD UK’s approach to risk across the wider business is reflected in our low tax risk appetite and is fully supported by our internal governance structure:
Approach to Dealing with HMRC
In line with the requirements of the Banking Code, Emirates NBD UK maintains an open and transparent relationship with HMRC on UK tax matters: