Corporate Tax

Iberdrola SA:, a pacesetter in corporate tax accountability

November 29, 2021

INFORMATIVE NOTE

The Iberdrola tower was the site of a conference on taxation organized by the Association for Management Progress (APD) on Monday

Iberdrola, a leader in corporate taxation

responsibility

  • Head of tax affairs at well-known institutions such as the Organization for Business Cooperation and development, the European Union, public administrations and Spanish multinational companies attended the conference in Bilbao. part
  • Iberdrola’s model is a global benchmark, especially in recent years when it pioneered the incorporation of the social dividend into its system of governance
  • In the past three years, the company has deposited more than 23 billion euros into the treasury, with 44% of profits used to pay taxes

Iberdrola is in charge of corporate tax responsibility. This responsibility is based on compliance, transparency and a partnership-like relationship that is geared towards the immediate future of good tax practice in an international context.

This was highlighted at the conference on Corporate Tax Responsibility: Compliance, Cooperation and Corporate Transparency, held on Monday in the Iberdrola Tower. The conference was organized by the Association for Management Progress (APD) and attended by the heads of tax affairs of key international institutions such as the OECD, the European Union, the regional tax administration, Spanish multinationals and renowned international consultancies.

Armando Martínez, General Manager of Iberdrola Businesses, spoke about the role of Spanish multinationals as “responsible companies, highlighting the role of regulatory companies that work with tax authorities and transparently share information with all their stakeholders”.

The energy company model has become a global benchmark in the last few years in particular, as its pioneering methodology has incorporated the social dividend into its system of governance as one of a series of activities the company engages in for the benefit of its various stakeholders this measures according to its contribution to each of the 17 goals for sustainable development of the United Nations.

Begoña García-Rozado, Global Director of Taxation at Iberdrola, said: “Iberdrola is committed to this tax responsibility and prioritizes responsible tax behavior. Tax compliance, cooperation with tax administrations and transparency with regard to our tax information are the basis of our day-to-day actions “.

In the tax area, particularly significant milestones were reached in 2021, such as the G-20 agreement in support of the taxation mechanism for multinational companies, which was agreed by countries and jurisdictions that are part of the so-called “inclusive framework” of the OECD, the Spain in September Joined last year.

This is also an excellent time to revise energy taxation. In this regard, many of these changes are being imposed by the digitization of the economy and a strong environmental dimension in the industry, geared towards decarbonising and promoting renewable and clean energies on a polluter pays basis.

Iberdrola tax contribution

November 29, 2021

INFORMATIVE NOTE

Iberdrola’s performance over the past 18 months clearly shows its commitment through the adoption of several measures such as:

The activity of Iberdrola has had a very positive impact on the public coffers, to which it has contributed more than 23.5 billion euros over the last three years, representing 44% of the profit allocated to paying taxes. In 2020 alone, it contributed almost 7.5 million euros worldwide, of which 3.4 million were paid in nationally and 750,000 in the Basque Country.

About Iberdrola

Iberdrolais one of the world’s leading energy companies, a leader in renewable energies and leading the energy transition towards a low-emission economy. The group provides energy to around 100 million people in dozen of countries and is active in Europe (Spain, UK, Portugal, France, Germany, Italy and Greece), the US, Brazil, Mexico and Australia in renewable energy, grids and commercial activities employed. including markets such as Japan, Ireland, Sweden and Poland to its development platforms.

With more than 40,000 employees and assets of over 134 billion euros, the company achieved sales of over 33 billion euros in 2020 and a net profit of just over 3.6 billion in 2020 procurement budget of 14 billion euros. As a benchmark in the fight against climate change, it has provided more than 120 billion euros over the past two decades for building a sustainable energy model based on sound environmental, social and governance principles (ESG).

Disclaimer of liability

Iberdrola SA published this content on November 29, 2021 and is solely responsible for the information contained therein. Distributed by public, unedited and unchanged, on November 30, 2021 11:30:04 UTC.

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