Tax contribution by country

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Tax contribution

In 2022, we paid €46 million in taxes every day.

Committed to best practices

The publication of the Fiscal Contribution Report is an example of our commitment to transparency and fiscal responsibility. Furthermore, we were the first Spanish company to make public a country-by-country report on a voluntary basis, acting ahead of best practices since 2018.

2022 Tax Contribution Report |PDF| 2.3 MB 2021 CbC Report |PDF| 3.4 MB

Our Company's tax contribution by country

Our tax contribution is aligned with value creation

We apply the arm's length principle (valuation based on market criteria) in all intra-group transactions, according to the OECD Transfer Pricing Guidelines and the respective local regulations.

We have an internal procedure to ensure that all intra-group transactions are carried out in accordance with market standards, in compliance with current transfer pricing regulations.

Taxes paid by each business unit

In our business model, the investment cycle stage and performance of the activity determines a large part of our taxes paid.

The taxes paid by each business unit in 2022 are as follows:

Upstream

This business unit encompasses a capital-intensive activity in which most of the taxes we pay are linked to crude oil production. We paid a total of €2.726 billion in 2022.

Industrial

In industrial, €11.750 billion was paid in 2022, particularly including a tax on hydrocarbons, VAT, and corporation tax.

Commercial & Renewables

In this segment, €2.313 billion was paid in 2022, particularly including a tax on hydrocarbons, VAT, and corporation tax.

Corporation

This involves providing the necessary services for every business unit throughout the entire value chain. We paid €213 million in taxes in 2022 for our corporate area.

Effectively managing our tax obligations

At Repsol, we effectively manage our costs and tax benefits 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 significant tax risks.

Applying transparent and general tax breaks

We ensure that the tax breaks offered by government authorities are in accordance with the regulatory framework and are accessible to all economic players. Moreover, we support that governments publish the tax incentives included in oil contracts.

Our principles of action

Effective management

of the tax costs and benefits and applying the tax incentives and benefits available.

Tax planning

based on reasonable interpretations of applicable law aligned with its economic activity, avoiding an abusive or fraudulent result.

Effective defense

of the Company's positions in the event of disputes and conflicts with the administration regarding the interpretation and application of tax regulations.