Transparency, together with other Galp´s values and principles, serves as a core stone for good professional conduct and facilitates the development of a reliable and lasting relationship with all interested parties.
In compliance with chapter 10 of the Directive 2013/34/EU transposed to Portuguese law under the Decree-Law n. 98/2015 and article 245-B of the Portuguese Securities Code, Galp prepares and incudes in the Annual Management Report the Payments to Public Entities Report, supporting the concept of transparency in revenue flows from oil and gas activities. It allows citizens to access the information they need to hold Public Administrations (which include any national, regional or local authority of a European Union member State or of a third country, a department, agency or entity that is a subsidiary thereof, which includes a national oil company) accountable for the way they use funds received through taxes and other agreements.
The Payments to Public Entities Report provides an overview of the Payments to Public Administrations made by Galp, and its subsidiaries, covering each full year whenever such companies do so as a result of their activities of exploration, prospection, discovery, development and extraction of oil, natural gas deposits or other materials.
The Report excludes payments made by entities over which Galp has joint control and payments made by entities/joint ventures over which Galp has no operatorship.
For more information, please see the Galp Report on Payments to Governments in 2017
Galp recognises, through the Tax Policy, the importance of adopting and implementing international best practices in terms of tax transparency.