Tax Policy Statement

This Tax Policy Statement applies to the tax operations of Pilmico International Pte Ltd (“PIPL”), Gold Coin Management Holdings Pte Ltd (“GCMH”), and/or Abaqa International Pte Ltd (“AIPL”) (collectively referred to as “PIPL Group”) in Singapore.

This Tax Policy Statement emphasizes the importance of PIPL Group’s compliance with Singapore tax laws.

Tax Policy (3 Building Blocks)

The PIPL Group recognises the importance of tax accountability and transparency. The PIPL 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:

Compliance with Tax Laws

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.

Relationship with Tax Authorities

We maintain an open and cooperative relationship with the tax authorities in Singapore.

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.

Governance for Managing Tax Risks

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 PIPL Group’s tax affairs, including producing timely, accurate and complete tax returns and paying all taxes due.

We maintain a sound risk management system and internal controls 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 engage external tax advisors to advise on or clarify complex issues.

Any significant tax issues exceeding the reporting threshold will be escalated to the Board of Directors.