Tax Policy
In order to enhance tax corporate governance, Daiwa Securities Group has established "Daiwa Securities Group Tax Policy" which serves as a code of conduct and decision-making standards for taxation, and all Daiwa Securities Group companies in Japan and overseas shall comply with it.
Daiwa Securities Group Tax Policy
- 1.Compliance
Daiwa Securities Group fulfils its social responsibility by complying with laws and ordinances of every country and region, and through appropriate tax payments with high ethical standards. - 2.Tax Planning
Daiwa Securities Group makes every effort to eliminate tax risks by eliminating double taxation through tax treaties and other means, optimizing tax expenses through appropriate use of preferential tax treatment, and conducting appropriate tax treatment in light of the tax regulations of each country and region.
In addition, Daiwa Securities Group shall not engage in any inappropriate transactions without economic substance such as the transfer of profits to low-tax countries or regions, or the use of tax havens solely for the purpose of tax avoidance. - 3.Transfer Pricing Taxation
For cross-border intragroup transactions, Daiwa Securities Group sets appropriate prices which comply with arm's length principles in accordance with the OECD Transfer Pricing Guidelines as well as tax laws and ordinances in each country and region. - 4.Appropriate Disclosure
Daiwa Securities Group provides transparent and appropriate disclosure of its tax policy and other tax-related information. - 5.Responsibility
Daiwa Securities Group regards tax risks as key management issues and its Chief Financial Officer (CFO) is responsible for all tax issues of the group. In addition, the CFO, executive officer in charge of Finance, and Head of Finance Department of Daiwa Securities Group Inc. from time to time provide guidance and advice to subsidiaries and other departments within the group as necessary, so that corporate governance over tax matters is shared and implemented throughout Daiwa Securities Group. - 6.Relationship to Tax Authority
Daiwa Securities Group maintains a relationship of trust with tax authorities by responding to them in a cooperative and honest manner.
Taxes Paid by Country (FYE March 2021)
| Profit (Loss) before Income Tax (*1) | Income Tax Accrued (*1) | Income Tax Paid (*1, 2) | ||||
|---|---|---|---|---|---|---|
| (Billion JPY) | (%) | (Billion JPY) | (%) | (Billion JPY) | (%) | |
| Japan | 118.92 | 83.0% | 32.17 | 89.6% | 16.28 | 75.1% |
| United States | 12.86 | 9.0% | 2.85 | 7.9% | 4.67 | 21.5% |
| United Kingdom | 10.04 | 7.0% | 0.16 | 0.5% | -0.02 | -0.1% |
| Singapore | 1.48 | 1.0% | 0.37 | 1.0% | 0.19 | 0.9% |
| Others | -0.02 | 0.0% | 0.35 | 1.0% | 0.56 | 2.6% |
| Total | 143.27 | 100.0% | 35.89 | 100.0% | 21.68 | 100.0% |
Profit (Loss) before Income Tax
Income Tax Accrued
Income Tax Paid
- (*1)The data are based on Country-by-Country Report which is submitted to tax authorities in each country.
- (*2)The amount of Income Tax Paid is the taxes actually paid (on cash basis) during FYE March 2021.