Tax Strategy

This document sets out the tax strategy and approach undertaken by Aldar Properties PJSC (‘Aldar’) and the group of companies headed by Aldar (‘Aldar Group’) in relation to how they conduct their tax affairs and manage tax risks. Aldar is ultimately responsible for the oversight of all its subsidiaries tax strategy and the supporting governance framework. 

This document will be reviewed periodically, and any amendments will be approved by the Board. It is effective for the period ending 31 December 2024 and will remain effective until any amendments are approved by the Board, but it will be formally reviewed and approved on at least an annual basis

Aldar is committed to conducting its tax affairs in a manner to achieve the following objectives:

• Comply with all relevant laws, rules, regulations and reporting and disclosure requirements; 
• Ensure the tax strategy is consistent with Aldar Group’s overall strategy and risk; 
• Maximise legitimate tax reliefs in line with a manner intended by the legislation; and  
• Engage with Tax Authorities and maintain open communications

 

Aldar’s strategic aims from a tax perspective are to:

• Submit all tax returns on a timely basis, including sufficient detail to enable Tax authorities to form an accurate view of the affairs of the company filing the return with an adequate supporting audit trail and sign‐off process; 
• Maintain tax accounting arrangements which are robust and accurate and comply with the tax provisions; 
• Pay the appropriate amount of tax on time; 
  Ensure those involved in the tax processes are appropriately resourced and supported; and 
• Use qualified external advisors to provide tax support and advice if there are any uncertainties in relation to the tax treatment of a potential transaction.

Aldar aims to maintain a conservative approach to tax and will not engage in artificial transactions where the sole purpose is to reduce the amount of tax payable.

Aldar will, however, consider undertaking transactions which gives rise to tax efficiencies providing this is aligned with its commercial activities and complies with the associated tax legislation.  

Aldar will not engage in tax efficiencies if the underlying commercial objectives do not support the position, or if the arrangements could potentially affect its reputation, brand, corporate and social responsibilities, or future working relationships with Tax authorities.

The Board of Directors (‘Board’) of Aldar sets out the tax strategy of Aldar Group in relation to taxation, with overall responsibility for oversight of the tax affairs of Aldar delegated to the Group Chief Executive Officer (‘GCEO’) and Group Chief Financial and Sustainability Officer (‘GCFSO’). 

The GCEO and GCFSO meet with the internal stakeholders and senior management throughout the year to review the tax risk and controls processes within Aldar, as well as to discuss all other aspects of taxation.

Aldar deals with Tax authorities in an open, honest and transparent manner. Group responds to all communications from Tax authorities promptly and aims to avoid unnecessary disputes with Tax authorities and seeks pre‐transaction clearances or private tax clarifications from Tax Authorities where appropriate.