Responsible tax policy

Tax contribution by country

Committed to paying taxes responsibly in the countries where we operate:

Breakdown of taxes paid by the Group by country (entities either controlled or with joint control, except Gas Natural Fenosa).

Only taxes effectively paid during the financial year are included. Therefore, taxes accrued during the period but that will be paid in the future are not included. Refunds from previous years are also not included.
Includes amounts paid by logistics operators when acting acting as substitutes.
The "Other" category includes taxes paid by country no greater than €5 M.
Source: Repsol Group's 2017 Consolidated Management Report.

Paying taxes responsibly

In 2017, Repsol paid 11.979 billion euros in taxes and similar public charges, and filed over 54,000 tax returns.

Total tax contribution

In 2017, the Repsol Group's total tax contribution amounted to 53.5%. This means that 53.5% out of the total net income before tax went to paying taxes.

Taxes paid globally in 2017 by tax type

To understand the tax contribution paid by the Repsol Group, the following criteria must be taken into consideration:

Taxes paid are divided into those that involve an expense for the company that lower its profit (corporation tax, tax on production, social contributions paid by the company, etc.) and those that do not lower profit because they are withheld or impact the end taxpayer (e.g. added value tax, tax on hydrocarbon sales, withholding taxes, etc.). The former are called "Tax Burden" and latter "Taxes Collected."
Only taxes effectively paid during the financial year are accounted for. Therefore, we don't include, for example, taxes accrued during the period but that will be paid in the future. Refunds from previous years are also not included.

Regulatory compliance

We are aware of our responsibility in the the economic development of the communities in which we are present and that our contributions represent a significant part of the economy in the countries where we operate. Our taxes represent a significant contribution to the economies of the countries where we carry out our activities, and we are therefore committed to:

Complying with the law, respecting both the letter and spirit of the law
Applying the “arms length” principle in our intra-group transactions
Adopting our tax decisions based on solid economic or business reasons or on commonly accepted practices, avoiding abusive tax planning schemes or practices
Not using opaque or contrived corporate structures to hide or reduce the transparency of our activities
Providing true, complete information on our transactions
Aiming for certainty, stability, and predictability in terms of the tax criteria applied by administrations by using procedures set out in regulations and collaborating with tax authorities (prior agreements, tax consultations, etc.)

Corporate tax policy

Adopted by the Repsol, S.A. Board of Directors on November 25th, 2015.

Tax policy | pdf | 115 KB

Transparency

Public transparency guides our approach to tax matters.