a.s.r.’s tax policy supports its ambition to be a financially reliable and stable organisation. And as a member of society, a.s.r. ensures that it pays its fair share of tax. a.s.r. subscribes to the Tax Governance Code developed by the employers’ organisation VNO-NCW and aligns with its principles. The tax policy is also aligned with the Dutch Corporate Governance Code. Moreover, the tax policy is underpinned by the broader principles including sustainability, ESG alignment (CSRD/SFRD/EU taxonomy), and adherence to internal codes of conduct and external governance frameworks.
Tax strategy
a.s.r. aims to be a socially responsible taxpayer by adhering to professional tax compliance practice. a.s.r. does not engage in aggressive tax planning or structures. Business considerations always take precedence and serve as the primary trigger for structuring decisions in general.
a.s.r.’s tax policy is published at asrnl.com. a.s.r.’s tax strategy has been approved and endorsed by the Management Board (MB). The Audit & Risk Committee (A&RC) of the Supervisory Board (SB) supervises the tax policies pursued in line with the Dutch Corporate Governance Code. The tax policy and tax risks are discussed annually in the A&RC.
Tax control
Group Tax plays a central role in a.s.r.'s tax function 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 in turn sets out the various processes, risks and existing control measures.
Relationship with the Dutch Tax Authority
a.s.r. maintains an open, transparent, and trust-based relationship with the Dutch Tax Authority, formalised through the Individual Monitoring Plan (IMP) under horizontal monitoring. This cooperative framework ensures that a.s.r. proactively engages with the tax authorities to address complex tax issues and complies with all applicable tax laws and regulations in a timely manner.
Tax rulings
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 which a.s.r. has adopted. With operations almost exclusively within the Netherlands, no international tax rulings are applicable for a.s.r.
Almost all tax payments are made to the Dutch tax authorities with the exception of payments relating to insurance tax for, in particular, non-life insurance in respect of which the tax jurisdiction is in other countries (Belgium & Germany) and withholding taxes deducted from foreign investment income.
Pillar 2
a.s.r. has assessed the potential exposure to Pillar 2 and does not expect the impact of the Pillar 2 income taxes to be material. a.s.r. could reduce any top-up tax to zero during the first five years by applying a combination of the domestic group exemption and the Transitional CbCR Safe Harbour rules. a.s.r. will continue to monitor the developments of Pillar 2 legislation, the applicability of the domestic group exemption and the applicability of the CbCR Safe Harbour rules on the group’s financial position. For further explanation, please see section 7.6.12.
Stakeholder engagement
Tax matters are a regular topic in a.s.r.’s stakeholder dialogues. a.s.r. engages both internal and external stakeholders to discuss key tax-related issues, ensuring full understanding of their perspectives and concerns. The outcomes of these dialogues are used to refine a.s.r.’s tax strategy and are reported to the Executive Board. The key outcomes are also included in the Annual Report and provide input for the sustainability reporting.