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Our tax footprint

At Ørsted, we want to provide user-friendly and transparent information about our global tax positions.

Our approach to taxes


We' re committed to paying the right amount of tax, at the right time, in the right place – in accordance with the tax laws of the countries in which we operate. We seek to comply not only with the letter of the law but also with the underlying tax policy intent. We believe that taxes are a core part of our corporate social responsibility.

Total tax contribution


At Ørsted, we’re transparent in our tax reporting and voluntarily use the GRI 207 standard as a basis for disclosure. This includes disclosing financial, economic, and tax-related information for each jurisdiction.

The map shows our total tax contribution in the countries in which we operate.

Read more about responsible tax practices
Our total tax contribution was DKK 10,094 million in 2024 against DKK 7,887 million in 2023. The increase primarily relates to corporate income tax for Denmark regarding current and previous years, and also increased withholding taxes borne in Taiwan.

We also saw a decrease in collected profit taxes due to the pause in dividends from Ørsted A/S and a decrease in collected product taxes, due to VAT refunds related to ceased activities in the US.

Country-by-country


The numbers reflect that some of our development and construction activities have been based in Denmark, and that our operations in the coming years are beginning to ramp up in developed markets.
Country
DKKm		 Number of employees Head count Total employee remuneration Revenues from third-party sales Revenues from intra-group transactions with other tax jurisdictions Property, plant, and equipment, and inventory Balance of intra-company debt Corporate income tax paid on a cash basis Applied tax incentives
Denmark 3,984 4,113 55,787 6,564 19,387 31,462 3,451
Read more

Denmark offers several incentives to encourage research and development activities. We are applying the enhanced tax deductions. In 2023 - 2025 the rate is 108%.
The UK 1,272 1,234 6,387 13,804 56,793 45,428 1,571 No tax incentives are used or available
Isle of Man 0 0 0 0 2 0 0 No tax incentives are used or available
Poland 783 406 64 488 4,234 93 25
Read more

Poland offers several incentives to support research and development activities. We are applying the R&D tax relief, where eligible employee expenses can be deducted with 200%
Malaysia 792 239 -31 216 39 0 51 No tax incentives are used or available
The US 720 1,050 2,899 136 77,466 6,607 -19
Read more The Inflation Reduction Act is an initiative aimed at combating the climate crisis. As part of the initiative companies can qualify for tax credits, which can be used to offset payable tax. Ørsted qualifies both for R&D tax credits and Investment Tax Credits or Production Tax Credits. Instead of offsetting tax credits against payable tax, Investment Tax Credits and Production Tax Credits in the US can be monetised on a regulated market and can also be part of a tax equity partnership as described in our annual report section 3.9 'Tax equity liabilities' 
Germany 390 311 1,698 1,776 19,566 20,645 421 No tax incentives are used or available
Taiwan 199 138 3,079 58 33,175 21,353 428
Read more

Taiwan has implemented a regulation allowing deductions for undistributed earnings tax associated with substantial investments made by Taiwanese companies. complex documentation requirements.
The Netherlands 105 102 93 808 3,978 4,284 289 No tax incentives are used or available
Ireland 100 81 541 73 4,484 547 57 No tax incentives are used or available
France 0 22 65 0 0 0 33 No tax incentives are used or available
Singapore 18 31 31 95 2 0 15 No tax incentives are used or available
Korea 14 -2 0 27 0 414 1 No tax incentives are used or available
Japan 1 7 0 15 0 0 1 No tax incentives are used or available
Sweden 7 9 421 9 1 5 0 No tax incentives are used or available
Spain 9 7 0 2 15 117 3 No tax incentives are used or available
Vietnam 9 10 0 11 0 31 2 No tax incentives are used or available
Belgium 0 12 0 0 0 0 0 No tax incentives are used or available
Norway 4 3 0 7 0 2 0 No tax incentives are used or available
Australia 0 0 0 0 0 0 -2 No tax incentives are used or available
Latvia 0 0 0 0 0 0 0 No tax incentives are used or available
China 0 0 0 0 0 0 0 No tax incentives are used or available
Estonia 0 0 0 0 0 0 0 No tax incentives are used or available
Total 8,407 7,773 71,034 24,089 219,142 130,988 6,327

Current tax explanation


The table shows our profit (loss) before tax across various tax jurisdictions and the progression to the current tax.
 
Read more about responsible tax practices

Country
DKKm		 Profit (loss) before tax Calculated local corporate tax on profit (loss) before tax Non-taxable income and non-deductible costs, net Unrecognized tax assets Deferred tax Current tax Current tax on hybrid capital
Denmark 4,482 -986 3 0 -2,046 -3,178 149
The UK 5,472 -1,394 0 -63 -451 -1,908 0
Isle of Man -157 0 0 0 0 0 0
Poland -19 0 -16 -1 -3 -20 0
Malaysia -136 33 0 0 -33 0 0
The US -7,186 1,685 290 -261 -1,719 -5 0
Germany 648 -186 -92 -8 26 -260 0
Taiwan 2,134 -491 22 -14 -23 -506 0
The Netherlands 157 -39 0 0 -31 -70 0
Ireland -165 15 0 0 -35 -20 0
France -128 32 0 0 -40 -8 0
Singapore 10 -2 0 0 0 -2 0
Korea -179 14 0 -21 0 -7 0
Japan -10 2 0 -1 0 1 0
Sweden -2,126 438 0 -438 0 0 0
Spain -66 16 -3 -16 0 -3 0
Vietnam -17 3 -2 -4 0 -3 0
Belgium -17 4 0 -4 0 0 0
Norway -7 1 0 -2 0 -1 0
Australia -84 25 0 -25 0 0 0
Latvia 0 0 0 0 0 0 0
China 0 0 0 0 0 0 0
Estonia 0 0 0 0 0 0 0
Total 2,606 -830 202 -858 -4,355 -5,990 149

Annual report 2024
Find a comprehensive range of information about Ørsted – including our performance highlights and strategy, as well as our financial and sustainability performance.
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