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Tax system 02 Dec 2020

BBVA stands out in the Ibex35 for its fiscal transparency

In recent weeks, BBVA has been recognized for its efforts in fiscal transparency at events, on rankings, and in reports from different fields: the consulting firm PwC, the Dow Jones Sustainability Index and the NGO Intermon Oxfam. These recognitions are the result of the bank’s commitment to customers, shareholders and employees, which are reflected every year in the publication of its global fiscal contribution report. 

PwC recently published its report on the Fiscal Contributions of Ibex35 Companies, in which BBVA collaborated. In fact, the bank was invited to participate in the presentation of the study’s conclusions. The total tax contributions of this group of companies reached more than €42.56 billion in 2019, of which €15.42 billion were taxes incurred and €27.14 billion taxes collected.

During the presentation of the PwC report, BBVA stressed that “the transparency of fiscal contributions has been established as part of the behavior expected from us by society in general and our stakeholders in particular. And it is also one of the elements that measure our commitment to sustainability as a responsible economic actor,” said José María Vallejo, the head of taxation at BBVA.

Furthermore, BBVA received the highest possible score (100 points) in the section on fiscal strategy, according to the Dow Jones Sustainability Index, an international reference for sustainability carried out by the rating agency SAM, which is part of S&P Global. The bank also obtained 100 points for financial inclusion; environmental reporting and social reporting; corporate citizenship and philanthropy; health and job safety; and policy influence, making it the most sustainable bank in Europe, according to this index.

Meanwhile, Intermon Oxfam recognized in a recent report that in 2019, a greater number of Ibex35 companies adequately communicated their fiscal practices, according to the NGO criteria. Among them, it cites BBVA as one of the four companies with the highest quality fiscal reporting, “providing more information than what is required” and offering “a complete perspective of its fiscal practices.”

BBVA, a pioneer in the publication of its fiscal contribution report

BBVA is a pioneer in Spain, voluntarily publishing its Global Fiscal Contribution report on an annual basis. BBVA’s fiscal strategy is in line with the OECD and G20 project to fight against the base erosion and profit shifting (BEPS); the United Nations Sustainable Development Goals; and the protection of human rights.

The BBVA Group’s global fiscal contribution reached €9.29 billion in 2019: €3.70 billion were its own taxes and €5.59 billion were taxes from third parties. Of these taxes, BBVA paid nearly 24 percent in Spain.

It is not the first time that the bank is a reference for its positive fiscal practices. In March 2019, CSR Europe and PWC recognized BBVA for its fiscal transparency. In June of the same year BBVA was designated the most transparent financial institution in Spain in the report ‘Contribution and Transparency 2018’ by Fundación Compromiso y Transparencia.