1. We are aware of our responsibility in the sustainable economic development of the societies in which we operate and that the taxes we pay represent a significant part of their economies.
For this reason, we are committed to the responsible payment of taxes in the countries in which we operate, applying the following action principles:
- Complying with the Spanish Code of Good Tax Practices.
- Efficiently managing our company’s structure and avoiding the use of tax havens and opaque structures.
- Aligning transfer prices with value creation and the arm’s length principle.
- Internal control processes and regulations to ensure compliance with our tax obligations.
- An adequate organizational structure and the means to comply with our tax obligations.
- Tax planning aligned with the business and aimed at legitimate optimization.
- Applying tax breaks in accordance with the letter and spirit of the regulations and which are accessible to all economic players (deductions for research, development, and innovation; freedom to amortize; capitalization of reserves, etc.)
- Supporting publishing the tax incentives in oil contracts from authorities and governments.
- Voluntarily presenting our 2015, 2016, and 2017 Tax Transparency Reports to the Spanish Tax Agency.
- Participating in employment forums in cooperation with public administrations (Spain, Portugal, Singapore, United Kingdom, the Netherlands).
- Participating in the OECD's pilot program “International Compliance Assurance Programme” (ICAP).
- Collaborating with international organizations (OECD, UN, and EU).
- Being certified as an EU Authorized Economic Operator
- Incorporating tax risks into the Group’s core risk management system.
- Informing the Board of Directors of the tax strategy and management throughout the financial year.
- Concluding mutual procedures and agreements with tax administrations regarding a range of matters.
5. We are committed to transparency being the basis of our actions in exercising tax functions and we endeavor to:
- Leaders in Spain in terms of transparency and responsible tax affairs according to studies carried out by various social analysis opinion panels.
- Incorporating tax-related objectives into Repsol’s Global Sustainability Plan.
- Member of the B-Team workgroup, and compliance with the principles of good tax governance established by this organization.
- Active dialogue with NGOs.
- Publishing our Country-by-Country Report (CbC).
We are committed to applying best tax practices and acting with transparency in managing our tax affairs, to paying our taxes responsibly and efficiently, and to promoting cooperative relationships with governments in order to avoid serious risks and unnecessary conflicts.
Since our Tax Policy was approved by the Board of Directors, multiple actions have been taken that are directly inspired by the five principles outlined in this Policy and that reflect the Group’s compliance with them.