Sustainability Report 2021 GRI 207 03.5 Tax transparency 01 Introduction COVID-19 dramatically Strategy, we embed environmental (E), social (S) sustainable business practices, Allianz promotes In 2021, we reported € 2.4 billion income affected governments’ finances and governance (G) aspects in all our business the B Team Responsible Tax Principles.1 tax charge on our profits and our Total Tax 02 Measuring and and corporate citizenship activities; responsible They provide a common framework of core Contribution amounted to € 17.9 billion. managing sustainability and raised the topic of tax tax is a fundamental part of this. Our Code of principles and practical commitments for Conduct sets out our values and principles and companies to demonstrate responsibility and € 17.9 bn 03 Strengthening responsibility up the agenda. serves as a guide to our behavior. These values sustainability in their tax approach. our foundation We see the taxes we pay and principles are also reflected in our tax Our strong commitment to transparency Total Tax Contribution in 2021 03.1 Corporate citizenship strategy, which requires full compliance with tax is reflected in the publication of our Tax 03.2 Cybersecurity as an important part of our regulations and tax laws in all countries in which 2 we operate. Our tax strategy has been approved Transparency Report. This provides insight into 03.3 Regulatory and public affairs contribution to the sustainable by the Board of Management of Allianz SE and our approach to taxation which is in line with our 03.4 Compliance development of the countries in is reviewed on an annual basis. It comprises the tax strategy and discloses an expanded country 03.5 Tax transparency following strategic priorities: based reporting. 03.6 Sustainable procurement which we operate. We believe In compliance with the OECD Base Erosion and • Full compliance with tax regulations, accurate Profit Shifting (BEPS) Actions, we prepare a 04 Climate-related fair, effective and stable tax and timely reporting and effective tax Country-by-Country-Report for the Group and financial disclosure systems are beneficial for both risk management. submit it to the German tax authority which 05 Our universal principles government and companies. • Safeguarding of the Group’s reputation as a shares the data with countries which have signed You can find details of income tax charge per responsible taxpayer. agreements allowing for exchange. country in our Tax Transparency Report 2021 Allianz acts transparently and responsibly in • Existence of a sound organizational set-up for At this time of public debate around corporate tax in the Download Center on our website. all tax matters and works closely with the tax appropriate tax management. behavior, we aim to provide transparency over our authorities to ensure that we pay our fair share • Full compliance of tax planning and optimization approach to tax and we encourage and support of taxes. Our processes and internal governance activities with tax laws, supported by solid others to do the same. To facilitate the debate implemented in line with our tax strategy are business reasons to sustain a credible long- with relevant data, Allianz contributed to the Total set to ensure full compliance in every jurisdiction 3 commissioned by the where we operate. term reputation with tax authorities. Tax Contribution study 2021 European Business Tax Forum (EBTF). As regards the Allianz Group’s tax strategy, • Disclosure of meaningful tax information in a the strategy has been approved by the Board transparent way. of Management of Allianz SE as the ultimate • Continuous improvement and harmonization decision taking body. Our tax strategy is of tax processes through simplification and transparent and closely aligned to our business digital solutions. strategy and also to our sustainability goals – As a member of the B Team, a coalition of which focus on the relevant U.N. Sustainable business and civil society leaders advocating Development Goals. Guided by our Sustainability 1 Find more details about the B Team Responsible Tax Principles here. 2 The Allianz Tax Transparency Report 2021 contains disclosures related to GRI 207. 3 Total-Tax-Contribution-A-study-of-the-largest-companies-in-Europe-2021-Report. 64