OP’s taxes consist of indirect and direct taxes and taxes collected. Indirect taxes include income tax, real estate tax and fiscal charges paid directly by OP. Indirect taxes include the value added tax and the insurance premium tax. Taxes collected include taxes collected by OP as the remittance payer and forwarded to the state, such as tax withheld from payroll and tax at source withheld from interests.
The mediation and sales of financial services is free of VAT. Thus, it does not generate the obligation to pay VAT, nor does it entitle to make VAT deductions on purchases. However, OP Financial Group member cooperative banks and other companies are liable to pay VAT on their other business.
Taxes included in the tax footprint were calculated on an accrual basis.