Tax policy underscores knowing the customer and business logic

SEB’s tax policy underscores the bank’s role in society and stresses the importance of having good knowledge of customers and applying sound business logic in all transactions.

"We are striving to uphold the highest standards when it comes to taxes. This is in line with the stricter view of tax issues both in the laws and in society in general," says Nina Korfu Pedersen, head of Group Finance.

Tax laws differ from country to country and is not always in sync across borders. SEB's tax policy takes this into account by stipulating that SEB should not provide products and services that are in conflict with national and international laws on tax avoidance. Products and services must always have sound business logic based on solid customer knowledge.

The policy also lays out that SEB should always strive to establish and maintain good relations with local tax authorities and other regulatory bodies. In cases where laws differ between various countries, SEB should work transparently for a globally acceptable solution based on a dialogue with the tax authorities in each country.

What does the new policy mean for our day-to-day business activities?

"Taxes are an important issue for our customers. The absolute majority of our customers want to act appropriately and demand the same of us. Virtually all transactions we do with customers have tax implications and the requirements have increased on SEB to understand how transactions may be related to external tax rules.," says Joachim Alpen, head of Large Corporates & Financial Institutions.

Erika Lundquist, head of Private Banking, stresses that SEB is to be at the forefront when it comes to dealing with tax issues.

"Sustainability is becoming increasingly important for our customers, and therefore in our advisory services we must all act with a high standard of ethics on tax matters and in a way that is in harmony with the laws, norms and values that apply in society."