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Responsible tax policy

Contributing to the economic development of societies across the value chain

Taxes paid by each business unit

UPSTREAM 

A capital-intensive activity in which most of the taxes we pay are linked to crude oil production. We paid a total of €2.029 billion in 2018.

DOWNSTREAM

In Downstream, a rather significant tax burden of €11.036 billion was paid in 2018, particularly including a tax on hydrocarbons, VAT, and corporation tax.

CORPORATION

The necessary services are provided for every business across the value chain. Repsol's corporate area paid €535 million in taxes in 2018.

Taxes and business

At Repsol, we manage our costs and tax benefits efficiently 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 serious tax risks.

Our operational principles in this area are as follows:

  • Efficient management of tax costs and the application of tax incentives and benefits available in the regulation.
  • Tax planning in line with our economic activity and based on reasonable interpretations of the applicable regulations that do not lead to unfair or fraudulent results.
  • Efficient defense of the company's positions in possible controversies and conflicts with the administration resulting from the interpretation and application of tax regulations.
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Corporate tax policy

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

Learn about our tax strategy in the UK.