Tax Initiatives

Establishing Solid Management Foundations

Global Tax Policy

Pigeon Group has established Corporate Ethics Guideline as a universal guideline to implement compliance (compliance with laws and corporate ethics) management. We comply with all laws and regulations, social norms and their spirit, and each and every employee is expected to act in good faith with higher ethical standards.

Approach to Tax Payment

We believe it is essential to commit to the society through tax contributions to realize our Purpose. Further, we believe that appropriate tax operations will contribute to our business growth and maintain trust from our stakeholders. Based on this belief, we define the roles of each member engaged in tax activities, and in order to ensure tax compliance, established and published Global Tax Policy based on the resolution of the Board of Directors.

Governance Structure

The Board of Directors of Pigeon Corporation (hereinafter referred to as “Pigeon”) is ultimately responsible for the tax operations of the Pigeon Group. The Global Head Office Accounting & Finance Managing Officer of Pigeon formulates and executes tax policies based on delegation from the Board of Directors.


We act as a good corporate citizen in all countries and jurisdictions we operate in with a high sense of ethics. We are committed to paying the right amount of tax at the right time. We comply with all relevant laws and regulations, following both the spirit and the letter of the law.

Ensuring Transparency

We disclose our approach to tax and strive to ensure transparency.

Tax Incentives and our Relationships with Tax Authorities

When considering the use of tax incentives that aligns to our commercial objectives, we ensure to maintain good relationship with tax authorities by respecting the intended objectives of the benefits. We are committed to responding to the inquiries from tax authorities in a prompt, transparent, and a courteous manner. When a conflict in opinion rises between tax authorities, we will strive to resolve the conflict through constructive dialogue.

Cross Border Transactions and Transfer Pricing

We comply with the OECD Transfer Pricing Guidelines and determine our transfer price based on the arm’s length principle. We will not use tax havens for the purpose of tax avoidance or use artificial schemes lacking commercial substance.

Tax Risk Management

Any potential tax risk that may have a material impact on the Group will be reported to the Board of Directors of Pigeon at an appropriate timing. To mitigate our tax risk for complex tax matters or issues requiring an ambiguous legal interpretation, we will consult with independent external advisors as needed.