We comply with tax law and practice in all of the countries in which we operate and all group companies transact on an arm’s length basis. Statkraft pursues a tax strategy that is principled, transparent and sustainable.
Statkraft’s Code of Conduct sets out what is expected of everyone working with or for Statkraft, and our approach to tax aligns with this.
Statkraft approaches tax in a way that is aligned with our business strategy and that aims at reducing business complexity and cost. We do not engage in artificial tax arrangements and actively consider all implications of tax planning.
All tax planning must comply with the Group’s Tax Optimization and Structuring framework that governs our approach to tax planning and is subject to robust review and approval processes. Our framework states that all tax planning must:
- Support genuine commercial activity
- Rely on full disclosure of the facts and circumstances to the relevant tax authority
- Not use tax regimes considered as “harmful” by the OECD or EU
Tax risk management and governance arrangements
Statkraft has an established procedure in place for tax risk management that facilitates appropriate identification, measuring, management and reporting of tax risks. Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought in accordance with our internal framework.
We proactively manage tax issues and risks in a way that maximises shareholder value after tax while operating in accordance with applicable legislations and Statkraft’s Code of Conduct.
Approach to dealing with tax authorities
We are committed to ensure full compliance with all statutory obligations and full disclosure to tax authorities. We engage with tax authorities with honesty, integrity and respect. We work collaboratively with tax authorities wherever possible to resolve disputes and obtain certainty, but we are prepared to litigate where we disagree with a ruling or decision.
We work constructively with governments on the development of tax laws either directly or through industry associations as appropriate. Statkraft has one centralised and uniform approach to the interpretation of the tax rules which is handled on a group level.