"With our longstanding practice of Good Corporate Governance, GC is committed to be transparent, responsible and accountable in all tax matters, aiming to build sustainable trust with stakeholders and societies where we operate."

In support of our overall business strategy and objectives, GC pursues a tax strategy that is principled, transparent and sustainable in the long term. We have established principles governing our strategy and related tax policies, which have been the result of a longstanding GC practice.

Mr. Prasert Bunsumpun, Chairman of the Risk Management Committee has given precedence to risk management including taxation risks. The Management reported the progress of risk management activities to the BOD on a regular basis. Additionally, the Audit Committee reviews the effectiveness of risk management based on business performance reports, internal audit reports and auditor reports. These could reasonably assure that the Company would be able to mitigate potential risks down to acceptable level.

We are committed in our responsibility towards our stakeholders in the widest sense and we set our ambition on ensuring sustainable continuity, proper business and commercial rationale in our daily practice, including proper management of resources and flexibility of management to face the increasingly complex international taxation landscape.

In that spirit, our tax policies consist of three pillars:

Tax Management

GC implements the tax management based on tax strategy as above mentioned as follows.

Tax Code of Conduct

Tax Compliance

In 2020, we launch Tax Alert of new tax legislation and any interpretation of existing legislation and deliver to the companies under GC group in Thailand. This aims the relevant persons can acknowledge, apply and support their works as well as ensuring tax compliance. We also plan to communicate and deploy the CSA to the domestic subsidiaries & JVs.

In 2020 onwards, we continue to enhance CIT calculation system and e-Tax Invoice & e-Receipt system aligned with the Thailand Revenue Code. We are implementing e-Withholding Tax (WHT) in order to be ready for filing once the law become in effect. In addition, we explicit and on going to implement Robotic Process Automation (RPA) which is an automate rule based processes to increase accuracy, efficiency and business value creation through intelligent automation for Finance & Accounting function. Our RPA roadmap includes automated tax transactional processes to mitigate compliance risk of Value Added Tax, WHT, and Excise Tax.

Tax Governance

In 2020, we deployed and launched self-assess Tax Compliance Checklist with local tax legislation to domestic subsidiaries & JVs, and plan to communicate to oversea subsidiaries & JVs to design their own Tax Compliance Checklist aligned to Tax Roadmap. In 2020, we continue to strengthen Tax Governance, Policy, and Guidelines. We have studied to establish Assurer team to conduct Finance & Accounting Governance and plan to enhance system and infrastructure to ensure the standard practice among the Group.

Tax Risk Management

In 2020, we communicated Tax Health Check guideline to the Group. The seven companies of domestic subsidiaries completed Tax Health Check conduct for review the accuracy of tax filing and calculation with no significant issues. We continue to apply five-years plan to perform and engage a tax advisor to provide Tax Health Check services for ten companies including domestic subsidiaries and JVs in 2020.

In accordance with our commitment to develop the competency of Tax Professional Team, appropriate tax training program is carried out for Finance & Accounting staff in both tax strategy and planning and operational areas. In 2020, we emphasize on taxation in Transfer Pricing aspect e.g. Transfer Pricing methods and the arm's length principle.

Tax Transparency

We disclosed all regulatory requirements in all jurisdictions we operate in. We also publish our tax strategy and policies to put forward understandable, timely and transparent communication to our stakeholders.