The above amount of cash taxes paid of €187 million includes €22 million Dutch dividend withholding tax for the account of AkzoNobel on the executed share buyback program.
The difference between the book tax rate and the amount of tax paid in a given year is mainly caused by the following factors:
- the creation or usage of tax losses and tax credits
- certain cost or income elements may be included for IFRS results in another year than for taxable results
Timing differences tax payment
- the tax liability of a certain year is generally partly paid within the year, and partly in the next year
Taxes borne and paid by AkzoNobel
In the countries where AkzoNobel is operating, we are contributing to society in several ways. We pay to suppliers, employees, capital providers and governments. AkzoNobel can only operate in countries if certain conditions are fulfilled. For example, educated people are needed to run and manage our operations, and a logistical infrastructure is needed in order to transport our goods. By paying to governments, we contribute to the general funds out of which these conditions can be financed.
We provide our country-by-country-report to the tax authorities in the Netherlands, in line with the Base Erosion and Profit Shifting (BEPS) Plan as initiated by OECD and enacted into Dutch legislation.
Corporate income taxes and withholding taxes paid and borne in 2020 by AkzoNobel worldwide were €187 million.
The following overview shows a breakdown of the 2020 revenue, the taxes borne and paid and the number of AkzoNobel employees for its key countries and regions: