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Corporate Tax Policy

We are committed to managing our tax affairs applying good tax practices and acting transparently, paying taxes in a responsible and efficient manner, and promoting cooperative relations with governments, striving to avoid significant risks and unnecessary disputes.

Our Corporate Tax Policy is completely aligned with the company's mission and values and with the long-term business strategy. It is stated in the following commitments: 

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Our commitments

  • We are aware of our responsibility in the sustainable economic development of the countries in which we are present, with taxes having a significant role in our contribution therein. Hence, we are committed to the responsible payment of the taxes in the countries where we operate, applying the following principles:
    • Comply with the law, adhering to both its letter and its spirit.
    • Application of the “arm’s length” principles in all our intra-group transactions.
    • Adoption of our tax positions based on sound business and economic principles and commonly accepted best practices, refraining from the use of abusive tax schemes or planning practices.
    • To provide accurate and complete information on our transactions.
    • To give priority, whenever possible, to non-litigious means for resolving disputes, making use of the options offered by legal procedures to strengthen agreements with Administrations.
  • We reconcile responsible compliance of our tax obligations with the commitments of value creation for our shareholders through efficient management of tax costs and benefits. Efficient tax management shall support operations and business model development, adhering to both the letter and the spirit of applicable laws, taking our overall interests into consideration and preventing significant tax risks.
  • We shall continue fostering relationships with the tax authorities, inspired by principles of trust, good faith, professionalism, collaboration, loyalty, and a search for mutual and reciprocal understanding, all with the purpose of ensuring the proper application of the tax system, increasing legal security and reducing litigation.
  • We undertake to apply responsible tax policies that prevent conduct that could generate significant tax risks. Management of tax risk is part of our global risk management policy, which is designed to mitigate or eliminate risks, and where said risks are assumed (due to it having been impossible to reach a mutual understanding with the tax administration), to defend our legitimate interests.
  • We, as a socially responsible entity, are committed to public transparency as one of the guiding principles of our tax activities. In particular, we undertake to:
    • Refrain from the use of opaque or contrived business structures with the intention of concealing or reducing the transparency of our tax activities.
    • Not have a presence in tax havens, unless this is justified for business reasons.
    • Strive to comply with the highest standards required in the area of tax reporting to facilitate understanding of our tax contributions and the tax policies applied.

All our employees are responsible for complying with and ensuring compliance with this policy.

Want to know more?

See our Corporate Tax Policy.