Responsible taxpayer

Given our roots and our role in society, we are naturally motivated to be a responsible taxpayer. This means that we promptly file all our tax returns correctly and fully and pay the tax that we owe on time.
As a responsible taxpayer we obey the tax laws and regulations in every country where we operate, respecting the intent and the spirit of the rules. We take the substance of a transaction as the guiding principle, with profits being taxed where the profitable activity takes place. We also take account of overarching international regulations, such as OECD guidelines and EU directives. we do not use structures whose main purpose is to reduce the effective tax burden. This means, for example, that we do not operate in jurisdictions because they have a favourable tax regime or because they do not exchange tax information.

Openness and transparency regarding taxes are important to us. We publish information on this in accordance with relevant national regulations and reporting requirements and standards, including EU-IFRS, Solvency II and GRI 207. The tax report also containing the full text of our tax policy can be found here.