Tax contributions across the value chain

Taxes paid by each business unit in 2020.

Upstream

This business unit encompasses a capital-intensive activity in which most of the taxes we pay are linked to crude oil production. We paid a total of €798 million in 2020.

Industrial

In industrial, €6.365 billion was paid in 2020, particularly including a tax on hydrocarbons, VAT, and corporation tax.

Commercial & Renewables

In this segment, €1.707 billion was paid in 2020, particularly including a tax on hydrocarbons, VAT, and corporation tax.

Corporation

This involves providing the necessary services for every business unit throughout the entire value chain. We paid €311 million in taxes in 2020 for our corporate area.

Effectively managing our tax obligations

At Repsol, we effectively manage our costs and tax benefits to make sure we comply with our tax obligations without hindering the creation of value for our shareholders.

This management model supports the development of our operations and business models by respecting the law in its totality, bearing in mind the global interests of the Company and avoiding significant tax risks.

Applying transparent and general tax breaks

We ensure that the tax breaks offered by government authorities are in accordance with the regulatory framework and are accessible to all economic players. Moreover, we support that governments publish the tax incentives included in oil contracts.

Our principles of action

Effective management

Of the tax costs and benefits and applying the tax incentives and benefits available.

Tax planning

based on reasonable interpretations of applicable law aligned with its economic and commercial activity, avoiding an abusive or fraudulent result.

Effective defense

of the Company's positions in the event of disputes and conflicts with the administration regarding the interpretation and application of tax regulations.

Honesty and transparency are paramount in our tax matters

We are committed to transparency, accountability, applying the best international tax practices, and promoting cooperative relationships.

Transparency

Tax contribution by country