Cathay FHC established its Tax Governance Policy with the Board of Directors as the highest level decision-maker for tax risk management mechanisms. The policy was established in response to international trends in tax governance, to effectively control tax risks and implement corporate sustainability, and to increase value for shareholders. The tax management unit periodically submits reports to the Risk Management Division, which in turn submits annual tax management reports to the Board of Directors to ensure effective operation of the tax management mechanism, and that tax governance is properly implemented.
Cathay FHC paid a total of NT$11.4 billion in taxes worldwide in 2019; major tax categories included corporate income tax, undistributed profits tax, business tax, and house and land tax. The amount of taxes paid in Taiwan account for 88% of taxes paid worldwide due to the fact that Taiwan is our main country of operation.
For more detailed information: Cathay Financial Holdings Tax Governance Report 2019