Nordea’s tax footprint explained

“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.

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.”