B.N.K BNK Financial Group

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BNK Financial Group is in full compliance with all the tax laws and regulations of South Korea and countries in which it has operations and has established and is following procedures in response to tax-related risks and tax policies.

  • 1. Sincere income (earning) declaration and compliance with tax payment regulations
    We shall sincerely pay various taxes such as corporate tax, income tax, VAT, and local taxes according to the tax payment procedure prescribed in the law.
  • 2. Reasonable and transparent tax-related financial disclosure
    We shall transparently disclose tax-related details such as sales, operating incomes, and tax amounts to the fullest.
  • 3. Protection of shareholder value
    We shall make an effort to protect shareholder value through the effective performance of tax duties and the payment of the reasonable tax amount.
  • 4. Tax-related risk management
    We shall make an effort to prevent and manage tax-related risks in advance. These include direct risks such as financial risks for unpaid taxes and indirect risks that have negative impact on the reputation risk etc.
  • 5. Foster internal tax-related experts (foster Group human resources)
    We shall foster employees with professional tax knowledge (tax account and others) as tax experts through regular internal and external training related to tax laws and regulations so that the Group can maintain the rationality and consistency of the tax policy.
  • 6. Compliance with tax laws and regulations of overseas countries
    We shall comply with the tax laws and regulations of the overseas countries where our Groups’ subsidiaries and branches are operating.
  • 7. Compliance with the tax adjustment law
    We shall comply with the tax treaty when an international transaction occurs. Also we will not follow the unfair practices, such as tax avoidance, tax evasion and tax non-compliance including transferring the value created in low tax jurisdictions.

Tax risk management activities

  • 1. We shall sincerely fulfill the tax obligations according to the tax payment procedure prescribed in law and consequently prevent tax risks such as the occurrence of unpaid tax amounts and additional taxes, and tax investigation.
  • 2. We shall keep a good relationship with the tax authority, government departments, and related organizations with the expertise in the performance of tax duties and accordingly minimize the probability of tax risk.
  • 3. We shall assign employees with professional knowledge, i.e. of tax including tax accountants or certified public accountants, to tax-related positions so that they can perform related work, and relevant employees will have full knowledge of the current laws and regulations, notice obligations etc.
  • 4. We shall efficiently manage the tax-related risk that can occur in the corporate management through consultation with external tax experts(i.e. accounting firms).
  • 5. We shall regularly monitor tax-related risks such as tax risk and reputation risk, and check the levels of risks before and after the occurrence not to have a negative impact on the management activities of the Group.

Disclosure of tax information

  • We legitimately pay all taxes at rates set according to each jurisdiction’s laws and disclose all tax-related information in a transparent manner.