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Tax Footprint

Sampo Group companies are significant and responsible taxpayers, and tax compliance is viewed as an important part of the Group’s corporate responsibility.

In accordance with Sampo Group’s Code of Conduct, Sampo Group is committed to ensuring that it observes all applicable tax laws, rules, and regulations in all jurisdictions where business is conducted. Group companies pay their taxes in the countries in which their actual business operations take place. All taxes are to be paid on time, and a commitment is made not to transfer value to low-tax jurisdictions.

Furthermore, Sampo Group does not practice tax planning or tax structuring that would aim to artificially decrease the Group’s taxable income. In tax-related issues, Group companies operate within the framework of legislation and legal practice in planning the taxable profit of Group companies. Group companies’ accounting always follows local laws and generally accepted accounting principles. Internal governance models, mandatory legal and regulatory requirements, and supervision carried out by the financial supervisory authorities ensure that Group companies maintain a high level of tax compliance.

In 2019, the taxes payable and collected by Sampo Group totaled EUR 1,832.5 million. If represents 49.2 per cent, Topdanmark 28.3 per cent, and Mandatum Life 15.4 per cent of the total. The parent company Sampo plc’s share was 7.1 per cent, which is mainly due to taxes withheld on dividends, as the parent company does not usually conduct other significant taxable operations. In 2019, Sampo Group’s effective tax rate was 22.1 per cent. The effective tax rate is the profit for the year in relation to the taxes directed for the year, excluding the share of the associated companies.

Taxes Payable and Collected, Sampo Group 2019

Taxes payable by the Group Sampo Group total (EURm)
Corporate income tax (corporate income tax accrued for the financial year) 299.0
Employment taxes (social security charges and other similar taxes payable on salaries) 115.9
Other taxes 9.2

 

Taxes collected by the Group Sampo Group total (EURm)
VAT (total payable VAT)  40.1
Insurance premium tax (insurance premium taxes payable to domestic and foreign tax authorities) 488.0
Other taxes and charges (taxes withheld on employee salaries and taxable claims payments) 737.2
Withholding tax (taxes withheld on dividend) 143.1
Total 1,832.5

 

Distribution of Total Payable and Collected Taxes by Company, Sampo Group, 2019

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Distribution of Total Payable and Collected Taxes by Country, Sampo Group, 2019

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Distribution of Corporate Income Tax by Company, Sampo Group, 2019

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Distribution of Corporate Income Tax by Country, Sampo Group, 2019

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Updated 7 May 2020