Saltar al contenido

Responsible tax policy

Tax strategy

Our tax strategy

is based on five fundamental principles




Prevention of
Tax Risks


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:

  • We comply with the law, respecting both the letter and spirit of the law.
  • We apply the “arms length” principle in our intra-group transactions.
  • We adopt our tax positions based on solid economic or business reasons or on commonly accepted practices, avoiding abusive tax planning schemes or practices.
  • We provide true, complete information on our transactions.
  • We prioritize non-litigious means of resolving conflicts when possible and the possibilities offered by legal procedures to strengthen agreements with administrations.
  • Some examples to demonstrate our tax efficiency and defense of the company’s interests:

- Compliance with the Spanish Code of Good Tax Practices. 

- Streamlining 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. 

- Presenting a Country by Country Report (CBC) to the Spanish Tax Agency (AEAT in Spanish) for the first time. 

- Implementing of the Spanish Tax Agency’s Immediate Supply of Information (SII in Spanish).

2. We reconcile responsible compliance with our tax obligations with the commitment to create value for our shareholders.
We do this through efficient management of tax payments and benefits, keeping in mind the Company's global interests and anticipating significant tax risks.
  • Some examples to demonstrate our tax efficiency and defense of the company’s interests:

- 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.)

3. We are committed to building relationships with tax authorities 
These relationships are based on the principles of trust, good faith, professionalism, collaboration, loyalty, and a search for mutual understanding based on reciprocity to facilitate the application of the tax system, increase legal security, and reduce disputes.
  • Some examples to demonstrate our tax efficiency and defense of the company’s interests:

- 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). Compliance with the Spanish Code of Good Tax Practices. 

- Participating in the pilot program “International Compliance Assurance Programme” (a BEPS initiative). 

- Member of tax forums in the EU, OECD, and UN.

4. We apply responsible tax policies that enable us to prevent conduct that could generate significant tax risks. 
We frame the management of these risks within our global risk management policy in order to mitigate or eliminate them, and we ensure the defense of the legitimate interests of the Company if we must assume said risks in the event that common understanding with the tax administration is not possible.
  • Some examples to demonstrate our tax efficiency and defense of the company’s interests:

- Incorporating tax risks into the Group’s core risk management system. Satisfactory auditing and definition of the tax department’s key controls. 

- 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:

  • Not use opaque or contrived corporate structures to hide or reduce the transparency of our activities.
  • Not operate in tax havens unless it is necessary for business reasons.
  • Comply with the best external reporting standards on tax policy in order to facilitate understanding of our tax contributions and tax policies.
  • Some examples to demonstrate our tax efficiency and defense of the company’s interests:

- 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. 

- Our tax contributions by country are published.

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.

Icono documento papel

Corporate tax policy

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

UK tax strategy

Learn about our tax strategy in the UK.