Ørsted is Denmark's best for tax transparency

Tax transparency by companies also enables regulators to create tax legislation that reflects the realities of doing business in individual countries, which benefits both society and businesses, he adds.

Tax policy supports Ørsted’s expansion into new markets
Ørsted discloses how much it earns and pays in tax in individual countries. This approach is outlined in the company’s tax policy, which sets out the principles by which the company manages its tax affairs.

“The policy helps our employees make informed choices and decisions about tax and has been critical to our first place in the ranking. It has been well received by our external stakeholders who say that, by disclosing our country-by-country tax payments, we go beyond what’s required by law,” Berlin says.

The policy is important for Ørsted as it enters new markets where it can face unique or additional tax compliance and reporting requirements.

Honouring the social contract
Ørsted’s tax policy aligns well with the company’s focus on sustainability. It helps bring certainty around the tax cost of doing business and builds credibility with regulators, authorities and NGOs. A responsible tax approach enables Ørsted to help build a world that runs entirely on green energy, while paying its fair share of tax.

“We aim to provide green energy at scale and at a price that is competitive with fossil fuels. Tax is one of many business costs which needs to be managed, but it’s also a part of the social contract and cannot be reduced by any means possible,” Berlin says.