Another Stride Toward Greater Transparency
We take steps to meet today's higher expectations for business transparency, especially from major international companies.
Total and our affiliates in tax havens. In March 2015, we disclosed a full list of our 903 consolidated entities as at December 31, 2014, together with their countries of incorporation and operation. It replaces the list of Total's main entities presented in prior years.
We reaffirm our commitments and are no longer creating affiliates in countries considered to be tax havens. Total has brought 14 affiliates back to Europe — 10 of them to France — since 2012. We are planning the effective withdrawal before end-2016 of nine of the 19 affiliates still concerned as at December 31, 2014. It is not possible to close all such affiliates, especially in cases where we are not the shareholder with decision-making authority. These affiliates are based where they are for operational or legal reasons, such as the ability to denominate accounts in dollars, not to avoid taxes. We paid $8.6 billion in corporate income tax worldwide in 2014, for an overall tax rate of 53%.
We also continue to promote transparency through our involvement in the Extractive Industries Transparency Initiative (EITI), which aims to disclose the taxes paid by member companies in host countries. We are a founding member. Launched in 2002, EITI now numbers 48 implementing countries. We are a strong supporter of this multilateral, voluntary initiative, which brings together governments, oil and mining companies, and civil society stakeholders.
- We encourage initiatives to promote more business transparency, provided they are consistent, coordinated and proportionate.
"In many of the 48 EITI countries, Total plays an important role in supporting governments in creating space for informed public debate about the management of the extractives sector. This has contributed to building trust and helping to fight corruption."
Clare Short, Chair of EITI's Board of Directors
To find out more:
The full list of consolidated entities is available at Total.com/Media > March 4, 2015 press release