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Responsible tax policy Tax strategy

Tax strategy

Our commitments

Our tax strategy was approved by our Board of Directors in 2015 and is based on five solid principles of action which are aligned with our company values and with the long-term strategy of our businesses.

Our tax strategy is based on five fundamental principles:

1. We are aware of our responsibility in the sustainable economic development of the societies in which we operate and that the taxes we pay represent a significant part of their economies. 

For this reason, we are committed to the responsible payment of taxes in the countries in which we operate, applying the following action principles:

  • We comply with the law, respecting both the letter and spirit of the law.
  • We apply the “arms length” principle in our intra-group transactions.
  • We adopt our tax positions based on solid economic or business reasons or on commonly accepted practices, avoiding abusive tax planning schemes or practices.
  • We provide true, complete information on our transactions.
  • We prioritize non-litigious means of resolving conflicts when possible and the possibilities offered by legal procedures to strengthen agreements with administrations.
2. We reconcile responsible compliance with our tax obligations with the commitment to create value for our shareholders.
We do this through efficient management of tax payments and benefits, keeping in mind the Company's global interests and anticipating significant tax risks.
3. We are committed to building relationships with tax authorities 
These relationships are based on the principles of trust, good faith, professionalism, collaboration, loyalty, and a search for mutual understanding based on reciprocity to facilitate the application of the tax system, increase legal security, and reduce disputes.
4. We apply responsible tax policies that enable us to prevent conduct that could generate significant tax risks. 
We frame the management of these risks within our global risk management policy in order to mitigate or eliminate them, and we ensure the defense of the legitimate interests of the Company if we must assume said risks in the event that common understanding with the tax administration is not possible.

5. We are committed to transparency being the basis of our actions in exercising tax functions and we endeavor to:

  • Not use opaque or contrived corporate structures to hide or reduce the transparency of our activities.
  • Not operate in tax havens unless it is necessary for business reasons.
  • Comply with the best external reporting standards on tax policy in order to facilitate understanding of our tax contributions and tax policies.

Tax policy

The Group's tax strategy and policy were adopted by the Repsol S.A. Board of Directors on November 25th, 2015.

Tax contribution by country

See the chart showing how much tax the Group pays in each country.