Responsible tax policy

Contributing to the economic development of every business across the value chain

Taxes paid by each business unit

UPSTREAM

A capital intense activity, most of the taxes we pay are linked to crude oil production. In total, we paid 1.563 billion euros in 2017.

DOWNSTREAM

In Downstream, there was a particularly significant tax burden in 2017: we paid 10.281 billion euros. Of particular importance are the 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 135 million euros in tax in 2017.

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.

Corporate tax policy

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

Tax policy | pdf | 115 KB

Tax contribution by country

See a breakdown of how much tax our company pays in each country.