Tax transparency
We’re committed to:
- Complying with tax laws in a responsible manner.
- Paying and reporting about our taxes on time.
- Being transparent about our tax principles and the taxes we pay.
- Having open and constructive conversations with stakeholders, including governments and tax authorities.
Our purpose and our code of conduct inform the responsible approach we take to managing our taxes.
Our total tax contribution
bp's total tax contribution for 2024 was $45.8 billion (2023 $46.2 billion). This comprises the taxes we paid and collected on our global operations.
Total tax contributionabc
$45.8bn
(2023: $46.2 billion)
a Because of rounding, totals may not agree exactly with the sum of their component parts.
b For explanations and definitions, see page 30-31 of the Tax Report 2024.
c For the reconciliation of our total tax contribution to the bp Annual Report 2024, see page 17 of the Tax Report 2024.
Where we pay our taxes
We had operations in 61 countries in 2024. More than 98% of the total taxes we paid and 93% of total taxes we collected arose in our major countries of operation.
Our total tax contributions around the world
Our responsible tax principles
Transparent reporting about our tax payments and practices can enable more meaningful engagement with our stakeholders around bp’s role in the transition.
The B Team has set out seven principles that offer a clear framework for responsible tax practice. We have adopted them all.
We provide examples of how we embed responsible tax principles in our Tax Report 2024 but for more detailed information, please refer to our Responsible Tax Principles.
Accountability and governance
Tax is a core part of corporate responsibility andgovernance, and our tax matters are overseen byour board of directors.
Compliance
We comply with the tax legislation of the countries in which we operate and pay the right amount of tax at the right time, in the countries where we create value.
Business structure
We will only use business structures that are driven by commercial considerations, are aligned with business activity and which have genuine substance. We do not seek abusive tax results.
Relationships with authorities
We seek, wherever possible, to develop co-operative relationships with tax authorities, based on mutual respect, transparency and trust.
Seeking and accepting tax incentives
Where we claim tax incentives offered by government authorities, we seek to ensure that they are transparent and consistent with statutory or regulatory frameworks.
Supporting effective tax systems
We engage constructively in national and international dialogue with governments, business groups and civil society to support the development of effective tax systems, legislation and administration.
Transparency
We provide regular information to our stakeholders, including investors, policy makers, employees, civil society and the general public, about our approach to tax and taxes paid.
Country by country report
We publish data from our OECD country by country report, which is focused on corporate taxes and contains financial data for all countries where we have a taxable presence, including our corporate income tax payments.
Although we are not formally required to publish this report, we believe it can help improve our stakeholders understanding of our activities, deepen their trust in our approach to tax and make useful information more easily accessible.