Our tax policy disallows the use of opaque or artificial structures that conceal or reduce the transparency of activities. Therefore, the Repsol group undertakes the commitment to have no presence in tax havens and, if any, to be transparent in any activities performed there.
Our presence in these territories does not respond to the purpose of limiting transparency of activities or performing unlawful or undesirable practices, but rather it is guided by legitimate business reasons and follows the sector's common standards.
The definition of a tax haven or non-cooperative jurisdiction is not a peaceful matter. Many lawmakers make an effort to maintain lists of territories that, either by allowing the avoidance of taxes or by facilitating the opacity of investments, qualify as “tax havens.” Our Company considers "tax havens" those jurisdictions classified as such by Spanish and EU regulations and according to the OECD's criteria.
At the same time, some NGOs concerned with responsible business practices also prepare their own tax haven lists based on different criteria and objectives. At Repsol, we selected some of these listings, due to their public outreach or representativeness, and have classified the countries included in them as "controversial jurisdictions."
Tax havens and controversial jurisdictions
In an effort to bolster transparency, we publish important information regarding our activity in non-cooperative jurisdictions and "other controversial jurisdictions." Repsol’s presence in these territories is irrelevant as its revenues represent less than 0.01% of the Group's turnover, and it is in no way intended to conceal or reduce the transparency of its activities.
The Repsol Group has an active presence in only one sinle tax non-cooperative jurisdiction: Trinidad & Tobago, where we carry out E&P activities.
We participate in the social and political debate on the equity and transparency of tax systems and the tax contribution of companies. Moreover, we maintain an active dialogue with governments, international organizations, such as the UN and the OECD, and leading NGOs concerned with these matters including Intermon OXFAM, Tax Justice Network, and Spain's Corporate Social Responsibility Observatory.
The Repsol Code of Ethics and Conduct, approved by the Board of Directors of Repsol, S.A., regulates our model of behaviour in all our activities and operations beyond what is legally required.
As part of this compliance culture, we have zero tolerance for criminal offences and an obligation to prevent or mitigate the criminal risks faced by the Company. These include the prohibition of bribery of officials, including any improper payments to government entities as in the private sector, money laundering or engaging in improper practices that may limit free competition.
We also have our own mechanisms for preventing corruption such as our Anti-Corruption policy, our crime prevention model, and our System of Internal Control over Financial Reporting.
Do you have any questions or need to raise a concern regarding possible breaches of Repsol’s Code of Ethics and Business Conduct?