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29-04-2024 08:47

Nordea’s tax footprint explained

As a major taxpayer in the Nordic region, paying and collecting taxes amounting to nearly EUR 4.8bn in 2023, Nordea has, for the first time, provided a full breakdown of the tax footprint as part of the annual report. With this, Nordea is among the few banks in the Nordics increasing their transparency.
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Nordea's tax footprint is among the largest of any Nordic company. The tax contribution also extends to other countries: Nordea is one of the largest Nordic employers in Poland and have a strong presence in Estonia. 

Ian Smith, Group CFO and Head of Group Finance.

“Our tax footprint is something everyone at Nordea can be proud of,” says Ian Smith, Group CFO and Head of Group Finance. “As a major taxpayer, we contribute significantly to the Nordic region’s economic growth and development. Our tax payments and collections not only support the vital public services, but also contribute to the infrastructure that communities rely on.”

By publicly sharing the details of the bank’s tax contributions, Nordea aims to foster trust among stakeholders and strives to handle taxes in a responsible, compliant and effective manner. This means ensuring the bank does not promote or act as a platform for aggressive tax planning and aims to be transparent around its tax positions. 

“Nordic societies are built on trust, equality and responsibility. As the leading financial services group in the Nordics, you will see us embody these values in how we handle matters relating to tax,” says Ian Smith.

Outi Rekilä, Head of Group Tax.

There has been a gradual shift by large businesses towards greater transparency on tax. For Outi Rekilä, Head of Group Tax, this is a result of changing stakeholder expectations, especially towards multinational groups. 

“For Nordea it is important to respond to these expectations and provide better visibility on the impact the taxes paid and collected have on society.”

She adds: “Providing a breakdown of our tax footprint is a valuable step towards making sure our tax contribution and management of taxes is clear and understandable to our stakeholders. We are constantly monitoring developments in tax transparency, as well as best practices, and are committed to continuing on this journey.” 

The total 2023 tax footprint of nearly EUR 4.8bn includes:

Taxes paid by the Group which amounted to EUR 2,243m, consisting  of: 

  • corporate income tax of EUR 1,358m 
  • social security contributions of EUR 431m
  • irrecoverable/non-deductible VAT of EUR 357m 
  • other taxes EUR 97m. 

Taxes collected by the Group which amounted to EUR 2,544m, including :

  • withheld employee taxes of EUR 816m
  • withholding tax of EUR 839m, for example tax on dividend 
  • other taxes of EUR 480m
  • net VAT collected and reported of EUR 410m. 

Beyond the economic contributions, Nordea is committed to creating employment opportunities and ensuring the well-being of employees through substantial social security contributions.