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 regulations (including their intent or spirit) of every country and region, and through appropriate tax payments with high ethical standards. - 2.Tax Planning
Daiwa Securities Group eliminates 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 does not engage in any inappropriate transactions without commercial substance for the purpose of tax avoidance. We do not transfer profits to low-tax countries or regions, or use tax havens 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 (FY2022)
| Revenues (*1) | Profit (Loss) before Income Tax (*1) | Income Tax Accrued (*1) | Income Tax Paid (*1, 2) | |||||
|---|---|---|---|---|---|---|---|---|
| (100 million yen) | (%) | (100 million yen) | (%) | (100 million yen) | (%) | (100 million yen) | (%) | |
| Japan | 8,087.7 | 70.4% | 1,711.2 | 94.8% | 167.5 | 86.4% | 209.1 | 84.8% |
| United States | 2,574.6 | 22.4% | 78.2 | 4.3% | 18.6 | 9.6% | 31.7 | 12.8% |
| United Kingdom | 300.6 | 2.6% | 13.1 | 0.7% | 0.5 | 0.3% | -0.3 | -0.1% |
| Singapore | 163.0 | 1.4% | 21.2 | 1.2% | 4.1 | 2.1% | 3.6 | 1.4% |
| Others | 355.8 | 3.1% | -19.2 | -1.1% | 3.1 | 1.6% | 2.6 | 1.0% |
| Total | 11,481.6 | 100.0% | 1,804.5 | 100.0% | 193.7 | 100.0% | 246.6 | 100.0% |
- (*1)Revenues, Profit (loss) before income tax, Income tax accrued and Income tax paid are based on the Country-by-Country Report submitted to tax authorities in each country.
- (*2)The amount of income tax paid is the actually paid (on a cash basis) during FY2022.