Close panel

Close panel

Close panel

Close panel

Responsible banking Updated: 08 Sep 2018

BBVA reaffirms tax strategy based on integrity, prudence and transparency

BBVA is committed to providing the best solutions for its customers, profitable and sustained growth for its shareholders, and to collaborating in the progress of communities where it operates. The aim is to make reality the Group's vision, which can be summed up with the idea of working for a better future for people.

3. La Vela (The Sail) BBVA City

This vision steers BBVA's behavior, including in tax matters, and it serves as an inspiration to ensure its policies and values are aligned with its corporate principles:

  • Integrity: when it relates to tax matters, integrity means compliance with regulations and the maintenance of a relationship of cooperation and good faith with the tax authorities.
  • Prudence: BBVA always assesses in advance the implications that could derive from its decisions related to taxation.
  • Transparency: BBVA provides clear and truthful information on its tax-related activity to customers and other stakeholders.

These corporate principles on which BBVA's tax strategy is based must constitute benchmarks for the Group's action in relation to tax matters, marked by compliance with the following basic principles:
1- Pay taxes in the countries where the Group operates.
2- Engage in economic activities that generate value.
3- Make reasonable interpretations of the tax regulations and Double Taxation agreements.
4- Establish a transfer pricing policy for all transactions between related parties and entities, governed by the principles of free competition, value creation and assumption of risks and rewards.
5- Adapt to the digital environment and address the challenges involved with respect to taxation.
6- Promote cooperative relations with the different tax authorities, based on the principles of transparency, mutual trust, good faith and loyalty.
7- Pay taxes as an important contribution to the economies of the jurisdictions where it operates.
8- Promote transparent, clear and responsible communication of its key tax information, informing stakeholders of its tax payments.
9- When preparing any financial product, take into account its tax implications for customers and give them any information that is relevant for compliance with their tax obligations.
10- Develop these principles through the Tax Department, to establish the control mechanisms and internal regulations needed to comply with them and with current tax regulations.

In 2017, BBVA worked in more depth on the tax control model that was already implemented, and once more published its tax information for the year voluntarily, as it has done since 2011. The report entitled “Overall Tax Contribution for 2017” allows all interested parties to understand the Group's tax contribution. It is focused on the future and committed to corporate social responsibility, establishing its position of leadership with respect to fiscal transparency.

This report reveals that BBVA Group's tax contribution to the public finances in 2017 amounted to €9.881 billion euros: €4.106 million euros corresponding to its own taxes and €5.775 million in third-party taxes.