Approach to Taxation

ICICI Bank aims to be a trusted financial services provider and deliver long-term value for its stakeholders. With growth in the Bank’s business, the Bank remains committed to acting responsibly within the guardrails of risk and compliance including adherence to taxation norms. The Bank is continuously working towards and is committed to:

Compliance

The Bank’s core emphasis is to ensure a timely and comprehensive compliance of its tax obligations as per the applicable jurisdictional tax laws and regulations in India and in overseas geographies where it operates. For any significant transactions, where there is uncertainty on the treatment of tax and interpretation of legislation, advice from external consultants is sought before taking any position.

Transfer Pricing

As a responsible global bank, it is ensured that intra-group transactions are based on the well-accepted ‘arm’s-length’ principle and in compliance with generally acceptable transfer pricing norms. The Bank is focussed to comply with global and local documentation requirements to support arm's-length practices for its intra-group transactions.

Preventing and Reducing Significant Tax Risks

The Bank has zero tolerance for breaching tax laws or for evading taxes. It proactively identifies and monitors risks concerning tax compliance to ensure applicable regulations are duly adhered to. Compliance with tax laws is an integral part of statutory audits and internal audits and immediate actions are taken by the management to mitigate any risk of non-compliance.

Facilitating Tax Collection

The Bank is a significant contributor towards payment of corporate income tax and Goods and Services Tax (GST) in India. It understands its responsibilities to deduct/collect tax at source from its customers and vendors and deposits such tax into the government treasury in a timely manner.

The Bank is cognisant of its role towards revenue collection for nation-building and endeavours to provide innovative facility for collection and deposit of various taxes with the relevant tax authorities. It offers the taxpayers with digital channels like internet banking, mobile applications and modes like debit card for payment of taxes in a seamless manner. The Bank has also developed innovative solutions for non-individual tax payers, like tax payments through Application Programming Interface (APIs) and simplified GST payment solutions. The Bank is also collaborating with relevant authorities to offer channels like Unified Payments Interface (UPI), credit card, debit card and net banking for tax payers who do not have an account with the Bank.