a.s.r.’s tax policy contributes to its ambition to be a financially reliable and stable organisation in order to ensure that both its short- and long-term commitments towards customers and stakeholders can be met, thus creating long-term value. In addition, the outcome of its tax policy is that as a member of society, a.s.r. contributes its fair share to enable and maintain the very society of which it is part.
a.s.r. aims to be a socially responsible taxpayer based on professionally executed tax compliance. It does not apply any tax-aggressive positions. In optimising its tax planning, business considerations are always leading.
a.s.r.’s tax strategy was approved and endorsed by the Executive Board (EB). The Audit & Risk Committee (A&RC) of the Supervisory Board (SB) supervises the tax policies pursued in line with the Dutch Corporate Governance Code. Tax policy and tax risks are discussed annually in the A&RC.
Group Tax plays a central role in the tax function of a.s.r. and therefore has an important role in embedding the tax strategy in the organisation’s day to day operations. Group Tax is responsible for the establishment, maintenance and testing of the Tax Control Framework that is part of the broader Risk Management Framework, which sets out the various processes, risks and existing control measures of which tax is a part.
The EB and the Dutch Tax Authority have signed the Horizontal Monitoring Covenant (Tax Control Framework). This sets out how a.s.r. and the tax authorities should engage with one another: with mutual trust and in an open, transparent manner. The Horizontal Monitoring has been further developed by the tax authoritiesinto an Individual Monitoring Plan (IMP).
In some cases, it is desirable for a.s.r. to obtain certainty from the tax authorities in advance concerning the application of (often complex) tax legislation and regulations. In such cases, a.s.r. will ask the tax authorities for a prior tax ruling on a tax position a.s.r. has adopted. Since a.s.r. operates almost exclusively in the Netherlands, there are no international tax rulings.
More information on fiscal legislation and regulations for a.s.r. is available on www.asrnl.com.