The above amount of cash taxes paid of €250 million includes €222 million of income tax paid as per the 2021 consolidated statement of cash flows, plus €28 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 as enacted into Dutch legislation.
Corporate income taxes and withholding taxes borne and paid in 2021 by AkzoNobel worldwide were €250 million.
The following overview shows a breakdown of the 2021 revenue, profit before tax, the taxes borne and paid and the number of AkzoNobel employees for its key countries and regions: