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Tax principles

AkzoNobel has built a very strong foundation for sustainability and is recognized as a leader in its industry. This is demonstrated by our consistently high position on the Dow Jones Sustainability Index (DJSI), having being ranked number one in the Materials Industry Group in 2012, 2013, 2014 and most recently 2015. We believe that a coherent and responsible position on tax is an essential element of our sustainability strategies. In that context, we have adopted the following tax principles.

Compliance
Taxes are paid in accordance with all relevant rules and regulations in the countries in which we operate. We aim to comply with both the spirit and the letter of the law. Compliance is monitored through a Tax Control Framework. Additionally, also in managing tax affairs, our employees must adhere to the AkzoNobel Code of Conduct.

Business rationale
Tax follows business, and profit is allocated to countries in which value is created, in accordance with domestic and international rules and standards (such as the OECD Guidelines) and applying the arm's length principle.

We do not seek to avoid taxes through “artificial” structures in tax haven jurisdictions.

Relationship with tax authorities
We seek an open and constructive dialog with tax authorities on the basis of disclosure of all relevant facts and circumstances. We aim to enhance clarity and upfront certainty around tax.

Transparency
We are transparent about our approach to tax and our tax position. Disclosures are made in accordance with the relevant domestic regulations, as well as applicable reporting requirements and standards such as IFRS.