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Our tax footprint

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

On this page
Total tax contribution
Country-by-country
Current tax explanation

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 in two categories:
​
  • Taxes borne: Represent a direct cost and are charged to the profit and loss account
  • Taxes collected: Are generated by our operations, but do not constitute a tax liability for Ørsted. Ørsted generates the commercial activity that gives rise to the taxes and then collects and administers them on behalf of the tax authorities in the countries where we operate


Read more about responsible tax practices


Tax type definition 

  • Profit taxes
    These include taxes on company profits that are borne (such as corporate income tax or withholding taxes ultimately borne by the group on a consolidated level) and collected (such as withholding tax on payments to third parties).
  • People taxes
    Taxes on employment, both borne and collected (including income tax and social security tax payements).
  • Product taxes
    Indirect taxes on the production and consumption of goods and services including net VAT and sales tax, custom duties, windfall taxes, and insurance premium tax.

    Net VAT in countries in a net refund position is excluded in the total tax contribution, as it is considered a repayment of tax already paid within the year. Included are also planet taxes, which are insignificant for this summary.
  • Property taxes
    Taxes on the ownership, sale, transfer, or occupancy of property 
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.
2024
2023
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
Country
DKKm		 Number of employees
FTEs		 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
Denmark 4,354 4,094 62,884 6,361 15,898 65,249 59
The UK 1,311 1,106 10,169 16,784 48,072 56,535 1,466
Poland 776 321 47 625 2,297 0 29
Malaysia 769 221 11 528 11 0 34
The US 746 1,051 2,027 139 69,139 31,678 23
Germany 385 308 1,721 1,827 15,953 17,371 428
Taiwan 193 139 1,042 36 28,755 23,218 134
The Netherlands 114 86 32 1,035 4,335 4,616 331
Ireland 105 93 659 39 4,219 1,023 11
France 70 33 209 0 895 0 190
Singapore 22 27 40 81 4 0 4
Korea 21 33 0 31 0 154 3
Japan 19 30 0 21 0 77 2
Sweden 11 7 413 3 716 14 2
Spain 9 6 1 0 14 94 1
Vietnam 0 5 0 2 0 9 0
Belgium 0 10 0 0 0 0 0
Norway 0 1 0 2 0 0 0
Australia 0 0 0 0 0 0 0
Total 8,905 7,571 79,255 27,514 190,308 200,038 2,717

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

2024
2023
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

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 and other adjustments
Denmark 7,785 -1,648 253 0 1,743 233 115
The UK 10,758 -2,521 1,058 -123 -587 -2,173 0
Poland 97 -28 0 -1 1 -28 0
Malaysia 177 -42 0 0 0 -42 0
The US -37,530 9,382 73 -7,947 -1,508 0 0
Germany 1,165 -349 30 79 -93 -333 0
Taiwan -997 276 19 0 -594 -299 0
The Netherlands 395 -99 0 0 -48 -147 0
Ireland -495 -26 86 0 -101 -41 0
France 79 -20 0 0 -14 -34 0
Singapore 30 -5 0 0 0 -5 0
Korea -191 18 0 -20 0 -2 0
Japan -35 16 0 -21 0 -5 0
Sweden -112 23 0 -17 -6 0 0
Spain -73 16 0 -16 0 0 0
Vietnam -6 1 0 -1 0 0 0
Belgium -12 3 0 -3 0 0 0
Norway -54 12 0 -12 0 0 0
Australia -7 2 0 -2 0 0 0
Total -19,026 5,011 1,519 -8,084 -1,207 -2,876 115

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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