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Responsible tax policy

Tax contributions across the value chain

Taxes paid by each business unit in 2019

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 €1.952 billion in 2019.

Downstream

In Downstream, a rather significant tax burden of €11.013 billion was paid in 2019, 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 €93 million in taxes in 2019 for our corporate area.

A female employee at the Repsol Campus

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

  • Effectively 
    managing

    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.