The Board of Directors of Red Eléctrica Corporación, S.A., at its meeting on 29 September 2015, approved the inclusion of the Red Eléctrica Group as a company that adopts the Code of Good Tax Practices; a Code which had been approved by the Large Businesses Forum according to the draft proposed by the State Tax Administration Agency (AEAT).

The Company’s undertaking of the Code took place in October 2015 and is aligned with the principles and action guidelines regarding tax matters set out in the tax strategy of the Red Eléctrica Group.

The Good Tax Practices are defined in the Code as "all those practices that lead to a reduction in significant tax risks and to the prevention of those conducts that may generate them".

The purpose of the Code is to increase the effectiveness of the Tax Administration's controls and to reduce legal uncertainty within companies and the litigation or disputes that arise between the parties.


There are three main groups of Good Tax Practices:

Transparency, good faith and cooperation with the Tax Authority. Avoiding the use of opaque structures and the implication of the Board of Directors in tax policies.
Transparency, and legal certainty in the application and interpretation of the tax regulations by the Tax Authority. Management criteria unit and publication of the tax treatment applied to certain transactions.
Reduction of litigation or disputes and conflict avoidance regarding tax inspection and management.

The Red Eléctrica Group complies with the provisions of the Code, and this is reflected in the Annual Corporate Governance Report.