BAKU, Azerbaijan, November 5. Equinor has announced a total tax contribution of $33.9 billion for the year 2023, reflecting its commitment to being a responsible corporate citizen even amidst a backdrop of geopolitical uncertainty and complex energy market dynamics, Trend reports.
CFO Torgrim Reitan emphasized the importance of corporate responsibility in the company’s mission, stating, “Progress for society is part of our purpose and at the core of Equinor. Being a good corporate citizen, paying our taxes where value is created, and pushing for transparency on tax is an important part of driving this progress.” The robust financial results achieved by Equinor in 2023 translated into substantial tax contributions, with $29.7 billion paid to the Norwegian government alone.
The impressive tax payments made by Equinor serve as a vital source of funding for governments, enabling them to enhance welfare programs and strengthen societal infrastructures. The company’s Tax Contribution Report provides insights into the corporate income tax paid across various countries, illustrating Equinor's strategy, compliance, and governance in its tax practices.
Reitan also highlighted the long-term nature of energy investments, stating, “Energy projects, across all segments of oil and gas, renewables, and low-carbon value chains, have in common that they are large investments with long lead times and are generally designed to operate for decades. This is why our industry depends on stable and predictable tax and fiscal regimes over time.”