Ethics and responsible Tax Policy

Image Ethics and Transparency

Repsol promotes the ethical and responsible behavior of all its employees and the organization itself, in line with the UN Sustainable Development Goal that focuses on creating strong institutions.

To do so, the company has procedures and a global action framework that ensures the fulfillment of its obligations, both internal and external, in compliance with all regulatory environments.

First of all, there is a Code of Ethics and Business Conduct in place aimed at establishing a framework that serves as a reference for the conduct and standards that the company expects from every employee, based on the Group's values.

This year, Repsol carried out a new training campaign covering the Code of Ethics and Business Conduct, aimed at all employees, with the goal of improving their understanding of the expected behaviors. The organization also has an Ethics and Compliance Channel available 24/7. It allows employees and third parties to make consultations and report potential breaches of the Code of Ethics and Business Conduct and the Crime Prevention Model confidentially and without disclosing their identity.

The company has also approved an Anti-Corruption Policy, in which we undertake to carry out all our activities in accordance with the legislation in force in every country.

More than 48,000
tax returns filed
in 2018

Responsible tax policy

Repsol is a company strongly committed to transparency and compliance with its tax obligations.

Aware of its responsibility in the sustainable economic development of the countries where it is present, Repsol is committed to the responsible payment of taxes in those countries where it carries out its activities. In 2018, Repsol paid and collected €13.6 billion in taxes and other public charges in over 40 countries. The total tax burden increased to 52.9%1, with more than 48,000 tax returns filed.

Repsol promotes transparent collaboration with tax authorities, based on the principles of mutual trust and understanding, in order to enable the smooth application of tax policies, improve tax certainty, and reduce litigation.

In Spain, Repsol applies the CBPT2 (Code of Best Tax Practices), having submitted voluntary Transparency Reports to the Spanish State Tax Administration Authority (AEAT) in 2015, 2016, and 2017.

Repsol was the only Spanish company invited to participate in the ICAP3 pilot program in 2018. This is a pioneering initiative of the OECD that seeks greater collaboration between authorities to monitor tax risks in multinational groups.

Repsol has joined the B-Team, a group of large companies that promote sustainable development, which has drafted a catalog of Responsible Tax Principles intended to become a new international standard on the matter of tax compliance.

  1. On the Group's net earnings. The total tax burden includes income tax, plus the taxes and contributions applicable to operational results.
  2. Code of Best Tax Practices Repsol participates in and promotes similar initiatives in Portugal, Singapore, the United Kingdom and the Netherlands
  3. International Assurance Compliance Program.