ING ranks sixth among Dutch companies for tax transparency
31 October 2016
ING ranks sixth out of 68 listed companies on tax transparency, according to the Dutch Association of Investors for Sustainable Development (VBDO) in its Tax Transparancy Benchmark 2016.
ING received 20 points, up from 19 points in 2015. The VBDO, which supports the interests of investors that want to sustainably invest, conducts an annual survey on tax transparency that looks into governance, strategy, implementation and accountability.
The VBDO recognises ING for clearly describing the mission of our tax department, and for successfully demonstrating that our tax principles are important to us. We were nominated for the Tax Transparency Award, which ultimately went to global science-based company DSM.
ING pays taxes at the normal rates in the countries where we’re active, which is reported as a global effective tax rate of about 25%. We don’t have any entities in ‘tax havens’ to reduce our total tax bill. We don’t provide customers with tax advice.
We are mindful that every aspect of our business, including our approach to tax, has an impact on society. ING’s Tax Principles clarify our views on responsible tax behaviour.
For more information, see our stance on income taxes.