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Responsible tax policy

Tax transparency

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Our goal for 2020 is to end our already limited presence in tax havens and streamline our corporate structure

Through active management we seek to reduce our already limited presence in jurisdictions classified as tax havens or uncooperative with tax authorities. In recent years we have significantly reduced our involvement in these territories, turning what was more than 40 companies into a minimal presence, as is shown below.

In compliance with the Spanish list of tax havens, as of December 31st, 2018 no Repsol-controlled company is active or has a registered address and tax residency in said jurisdictions.

For the purpose of defining the concept of a tax haven, the list that appears in Royal Decree 1080/1991 of July 5th serves as a reference. In addition, we make sure we stay up to date with any international initiatives that exist regarding this matter and their possible effect on how tax havens are defined, and consequently the possibility of adding other countries or territories to the list (the list of uncooperative EU jurisdictions in tax affairs, elaborated by the European Union’s Economic and Financial Affairs Council, ECOFIN).

Below is a table detailing the Repsol Group’s companies with tax residency in tax havens (Spain’s list) together with their most relevant figures at year-end 2018.

Repsol's presence in territories classified as tax havens

Jurisdiction	Jurisdicción	Share	Status	Total income (in €M)	Pre-tax results (in €M)	Nominal corporate tax rate	Tax on profits (in €M)
Greenstone Assurance Ltd. ⁽¹⁾	Bermuda	100%	Inactive	0.04	0.20	0%	-

_{Understanding the symbols: a plus sign indicates income/profit; a minus sign indicates expenses/loss.}

_{(1) In run-off: An insurance company that limits its activities exclusively to liquidating insurance risks taken on in the past, and takes on no new business.}

Minority stakes (non-group) in territories classified as tax havens

Company	Jurisdiction	Share	Status	Total income (in €M)	Pre-tax results (in €M)	Nominal corporate tax rate	Tax on profits (in €M)
Oil Insurance Ltd. ⁽¹⁾	Bermuda	5.66%	Active	53.43	28.18	0%	-
Oleoducto de Crudos Pesados (OCP), Ltd. ⁽²⁾	Cayman Islands	29.66%	Active	45.72	44.33	0%	-
Transasia Pipeline, Co ⁽³⁾	Mauritius	15%	Active	0.71	(5.58)	15%	(0.43)

_{Understanding the symbols: a plus sign indicates income/profit; a minus sign indicates expenses/loss.}

_{(1) Mutual insurance companies for the Oil & Gas sector, which covers the Group's risks from Bermuda, a typical jurisdiction for reinsurance activities associated with Upstream assets. Figures correspond to the financial year 2016, the last year available. Figures understood in relation to the Repsol Group's percentage share..}

_{(2) A company that includes an international association agreement (joint venture) that channels the investment in an Ecuadoran operating company that manages infrastructures for oil company activities (Oleoducto de Crudos Pesados). Figures understood in relation to the Repsol Group's percentage share.}

_{(3) A joint venture that channels the investment in an Indonesian operating company that manages infrastructures for oil company activities. Figures correspond to the financial year 2016, the last year available. Figures understood in relation to the Repsol Group's percentage share.}

We have no companies registered in any tax haven that is classified by Spanish regulations as having no taxation, other than those mentioned above.

Below is a table detailing the Group’s companies located in territories classified as uncooperative with tax authorities according to the EU’s list.

Repsol’s presence in non-cooperative tax jurisdictions according to the EU's list

Company	Jurisdiction	Share	Status	Total income (in €M)	Pre-tax results (in €M)	Nominal corporate tax rate	Tax on profits (in €M)
Branch in Trinidad & Tobago of BP Amoco Trinidad & Tobago⁽¹⁾	Trinidad and Tobago	30%	Active	646.70	12.22	57.25%	(27.84)
Repsol Angostura, Ltd. ⁽²⁾	Trinidad and Tobago	100%	Inactive	2.00	(1.98)	55%	0.68
Branch in Trinidad & Tobago of Repsol Exploración Tobago, S.A. ⁽³⁾	Trinidad and Tobago	100%	Active	0.00	(0.21)	55%	0.05

_{Understanding the symbols: a plus sign indicates income/profit; a minus sign indicates expenses/loss. Figures considered according to Repsol's stake.}

_{(1) Branch in Trinidad and Tobago of a US joint venture between Repsol and the BP Group that holds exploration and production licenses in the country.}

_{(2) Company incorporated in Trinidad and Tobago whose business is the provision of corporate services to Group companies.}

_{(3) Branch in Trinidad and Tobago of a Spanish company that currently holds a stake in exploration assets in the country.}

Repsol’s presence in other controversional tax jurisdictions

Repsol is aware of the existence of territories which civil society generally refers to “tax havens” despite not appearing on official lists — territories in which Repsol also maintains a presence. It is important to highlight that the Repsol Group does not use any opaque or shell structures that could signal the obfuscation or reduced transparency of our assets. Given these circumstances, the Repsol Group has made a commitment to ensuring that the Group’s presence responds to legitimate business purposes.

The document Presence of the Repsol Group in territory (in Spanish, PDF, 541 KB) details in charts and figures Repsol’s presence in these tax havens which do not cooperate with the EU and other controversial territories.

Tax havens and other controversial jurisdictions	No. as of 2017	No. of companies			Country
Tax havens and other controversial jurisdictions	Total	Total	Belonging to the Group	Belonging to the Group and active	Country
Tax Havens (Spanish government's official list)	5	4	1	0	Bermuda 2; Cayman Islands 1; Mauritius 1
Non-cooperative jurisdictions (Official EU list)	4	3	2	1	Trinidad and Tobago 3
Controversial territories (Unofficial lists)	84	75	58	37	Andorra 1; Aruba 1; Barbados 5; Bermuda 2; Delaware (United States) 7; Ireland 1, Cayman Islands 1; Luxembourg 5; Mauritius 1; the Netherlands 45; Trinidad and Tobago 3; Singapore 2; Switzerland 1

Corporate streamlining

Maintaining a simple and easily manageable corporate structure is one of the Repsol Group’s objectives.

The streamlining of the Group’s corporate structure continued throughout 2018, with 27 dissolutions completed and more than 50 currently underway.

2017-2018 corporate structure changes graphic

Reporting channel

Repsol's Ethics and Compliance Channel is a completely confidential means of asking questions and raising concerns about possible breaches of the company's Code of Ethics and Business Conduct

Tax contribution by country

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