Tax Governance Policy

This Tax Policy sets out the guiding principles and key practices for tax governance and tax risks management at Idemitsu International (Asia) Pte. Ltd., including its UK Branch and Manila Representative Office (collectively referred to as “IIA”).

1. Compliance with Tax Laws

• IIA is committed to adhering to all applicable tax laws, regulations, and disclosure requirements in the tax jurisdictions where we operate.
• We ensure that all decisions are made at an appropriate organizational level and are supported by genuine business purposes, commercial rationale, and underlying economic activities.

2. Governance Structure for Managing Tax Risks

• IIA upholds high standards of corporate governance and tax risk management.
• The Board is apprised of IIA’s overall governance strategy and assumes ultimate responsibility for managing tax risks.
• IIA maintains robust internal controls and processes to identify, assess and manage tax risks.
• The CFO, supported by the Head of Finance and an in-house tax team, oversees tax compliance and tax risk management.
• The in-house tax team is composed of accredited tax professionals with the expertise to manage compliance and risks. When necessary, external tax advisors are engaged to provide guidance on complex tax matters.
• Significant tax risks and issues are escalated to the Board.

3. Relationship with Tax Authorities

• IIA is committed to fostering and maintaining respectful and constructive relationships with tax authorities, government bodies and other relevant stakeholders.
• When appropriate, IIA seeks clarification or rulings from tax authorities and/or external tax advisors on material transactions or to ensure accurate interpretation of tax laws.

Published on 9 September 2025