BKM503200 - The Code commitments 바카라 사이트“ governance: governance

All banks that adopt the Code 바카라 사이트˜should adopt adequate governance to control the types of transactions they enter into바카라 사이트™.

The additional commitment made by a bank which is not a small bank (BKM502100) is set out in part 2 of the Code:

    1. The bank should have a documented strategy and governance process for taxation matters encompassed within a formal policy. Accountability for this policy should rest with the UK board of directors or, for foreign banks, a senior accountable person in the UK.
  • 2.1 This policy should include a commitment to comply with tax obligations and to maintain an open, professional, and transparent relationship with HMRC.
  • 2.2 Appropriate processes should be maintained, by use of product approval committees or other means, to ensure the tax policy is taken into account in business decision-making. The bank바카라 사이트™s tax department should play a critical role and its opinion should not be ignored by business units. There may be a documented appeals process to senior management for occasions when the tax department and business unit disagree.

BKM507550 covering HMRC바카라 사이트™s operation of the Code has examples setting out what Code compliant governance looks like and what may give HMRC cause for concern. Where HMRC has a concern over a bank바카라 사이트™s compliance with the governance commitment it will take action under the Governance Protocol (see BKM506000).