Tax policy

[GRI 103-1], [GRI 103-2], [GRI 103-3], [GRI 207-1] The Bank perceives the fulfilment of its tax obligations, including the proper and timely payment of tax liabilities, as an element of corporate social responsibility and its important social mission contributing to the sustainable social and economic development of the Republic of Poland providing also the necessary foundations for the sustainable development of the Bank.

The Bank’s tax policy is set out in the document „Tax Policy of Bank Millennium S.A.”

The tax strategy is approved by the Bank’s Management Board based on the recommendation of the Head of the Tax Department. The tax strategy is subject to ongoing reviews and updates by the Head of the Tax Department adapting it to the dynamically changing regulatory environment in Poland. [GRI 207-2] Chapters III and IV of the „Bank Millennium S.A.’s Tax Policy” describe in detail the principles and process of tax risk management in the Bank.

[GRI 207-3] In its relations with KAS authorities, the Bank ensures transparency and due diligence in the performance of its duties, in particular by providing reliable, complete and timely explanations in accordance with the highest standards. As a member of the Polish Bank Association and Polish Confederation Lewiatan, the Bank participates in social consultations regarding draft amendments to the tax law. The Bank is open and collects stakeholder opinions and concerns on tax issues by responding in writing to the issues presented. The Bank also publishes on its website the ongoing stakeholder-related tax processes. The Bank discloses detailed information on tax matters in the annual information on the implemented tax strategy published pursuant to Article 27c of the CIT Act.

In 2021, Joao Bras Jorge, President of Bank Millennium, during the Congress 590 received from the hands of Tadeusz Kościński, Minister of Finance, a distinction for Bank Millennium’s high position among the largest CIT payers.