Tax risk management is seen as an integral component of good corporate governance at ACCIONA.
Globally, the ACCIONA Group manages its tax framework and strategy in accordance with the Groups Tax Governance Policy ('Tax Policy'), which has been approved by the Board at a Group level. All updates to the Tax Policy must be proposed to Audit, Risk and Committee of the group for their endorsement and approved by the Board at a Group level.
The tax policy outlines the appropriate course of action required to ensure that all tax risks are managed appropriately and promptly. ACCIONA's tax risk appetite is 'low' - the company does not engage in any tax avoidance schemes or aggressive tax positions, nor does it implement corporate structures that are artificial or opaque. From a tax perspective, all transactions align with underlying business performance.
The company is committed to ensuring that it is compliant with all statutory tax obligations in the jurisdictions in which it operates.
ACCIONA maintains a productive and transparent relationship with revenue authorities, as reflected in the voluntary disclosure of tax information contained in this report. Globally, the ACCIONA Group signed up to Spain's Code of Good Tax Practices in September 2011. This code was created by the Large Companies Forum in Spain, and is strongly promoted by the Spanish Tax Agency. The aim of the Code is to improve the application of Spain's tax system by enhancing legal certainty, reciprocal cooperation based on good faith and legitimate trust between Tax Agency and companies, and the application of responsible tax policies by the Board of Directors.
ACCIONA's Tax Transparency Report for the the year ended 31 December 2018 can be downloaded here.