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    1. Home
    2. Sustainability
    3. Responsible tax policy
    4. Tax control framework

    Responsible tax policy

    Tax control framework

    Work meetings at the Repsol Campus

    The orderly management of tax matters requires a tax governance and control framework based on the following fundamental pillars:

    Principles

    Tax principles and strategy, code of best practices, and integrated business management.

    Team

    Tax principles and strategy, code of best practices, and integrated business management.

    Processes and Systems

    Normalized processes and worldwide obligations compliance system.

    Risk Management and Control

    Worldwide reporting, integrated management of tax risks, and solid control environment.

    Tax control framework | pdf | 690 KB

    We have a proper management and control system that allows us to prevent tax risk

    The existence of tax risks is inherent to fiscal activity and, in our case, is influenced by the unique nature of our tax system, which is characterized by economic relevance, complexity, and areas of uncertainty. All of this has led us to apply responsible tax policies which enable us to prevent conduct that could generate significant tax risks, and to base our work on the following action lines:   

    • We manage tax matters in an organized, expert fashion to guarantee compliance with our tax obligations and manage tax risks. We apply effective procedures, systems, and internal controls to ensure that we suitably carry out key tax processes. 
    • We have the organization needed to ensure the deployment of our tax policies. Our organizational principles ensure that our tax functions are carried out professionally with expert teams, which are integrated with a single, global criteria, and which are responsible for all of the Company's tax matters in our different fields of management. 
    • The Board of Directors approves the Corporate Tax Policy and monitors the execution of the strategy and management of tax risks.
    • We submit especially risky fiscal transactions to the Board of Directors for approval. 

    We frame our management of tax risks within our global Integrated Risk Management policy and we implement it through internal processes, systems and controls. To that end: 

    • We keep a risk map duly updated. This map specifically identifies tax risks which may result from: 
      • The tax policies applied. 
      • Possible non-compliance. 
      • Controversies surrounding the interpretation or application of laws. 
      • Instability of the legal-tax and contracts framework. 
    • We actively manage tax risks with the aim of mitigating or eliminating them and, if we must assume them because a common understanding with the tax administration was not possible, we will assume the best possible defense of the legitimate interests of our Company.

    • Reporting on our main tax disputes

    Honesty and transparency are paramount in our tax matters

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