Repsol become largest tax contributor to secure Fair Tax Mark

Global energy company Repsol have been awarded the Fair Tax Mark, indicating their corporate tax conduct is operating at a gold standard.

The Fair Tax Mark is a label demonstrating responsible corporate tax conduct. It is awarded by the Fair Tax Foundation, a trusted third-party accreditor, and is assessed on a set of high-bar criteria.

Spanish multinational Repsol are the largest business to have become accredited, as well as the largest tax contributor, paying a total tax contribution of €15,112mn in 23 countries in 2023. Specifically, Repsol’s tax contribution amounted to €4,226mn, while taxes collected for third parties totaled €10,886mn.

This tax contribution is published country by country – a requirement of the Fair Tax Mark for multinational businesses and yet a practice that FTSE Russell found in 2021 just 7% of companies were undertaking.

Repsol have also excelled in other areas of the Fair Tax Foundation’s Global Multinational Business Standard – the criteria against which they were assessed. For example, they have published robust commitments in their corporate tax policy, such as adhering to the spirit of the law as well as the letter, and shunning the use of tax havens for unjustified business activity.

They demonstrate a comprehensive understanding of the link between responsible tax and sustainability, incorporating this tax policy into their Code of Ethics and Business Conduct and recognising the material impact a responsible tax policy can have within their Corporate Sustainability Reporting Directive compliance.

Paul Monaghan, CEO of the Fair Tax Foundation:

“There are few businesses across the world that can compare with Repsol’s corporation tax contribution and tax transparency. They lead the way on everything from country-by-country disclosure of taxes, through to the manner in which they join up tax to their sustainability governance and ethical code. It has been a pleasure to engage with their progressive tax team on their certification, and we are delighted to have such a major enterprise join our growing community of businesses that embrace responsible tax conduct.”