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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 companies’ business and corporate responsibility.
The taxes Sampo Group companies pay also have a wider economic and social impact and play an important role in the development of the countries in which the Group companies operate.
The Sampo Group Code of Conduct provides the group-level guiding principles regarding taxes. The Group companies act transparently and responsibly in all tax matters and work closely with the tax authorities to ensure all tax payments are fair and follow legislation. Internal governance models, mandatory legal and regulatory requirements, and supervision carried out by the financial supervisory authorities ensure that Sampo Group companies maintain a high level of tax compliance.
In 2020, the taxes payable and collected by Sampo Group totaled EUR 1,712.3 million (1,832.5). If represents 53.6 per cent (49.2), Topdanmark 26.7 per cent (28.3), and Mandatum Life 12.8 per cent (15.4) of the total. The parent company Sampo plc’s share was 7.0 per cent (7.1), which is mainly due to taxes withheld on dividends, as the parent company does not usually conduct other significant taxable operations.
During 2020, the Sampo Group companies did not receive any financial assistance (e.g., grants, or tax relief) from governments of individual countries.
Taxes Payable and Collected, Sampo Group
| Taxes payable by the Group | 2020 (EURm) |
2019 (EURm) |
| Corporate income tax | 286.8 | 299.0 |
| Employment taxes | 118.7 | 115.9 |
| Other taxes | 10.5 | 9.2 |
| Taxes collected by the Group | 2020 (EURm) |
2019 (EURm) |
| VAT | 43.8 | 40.1 |
| Insurance premium tax | 411.5 | 488.0 |
| Other taxes and charges | 716.7 | 737.2 |
| Withholding tax | 124.3 | 143.1 |
| Total | 1,712.3 | 1,832.5 |
Distribution of Total Payable and Collected Taxes by Company, Sampo Group, 2020
Distribution of Total Payable and Collected Taxes by Country, Sampo Group, 2020
Distribution of Corporate Income Tax by Company, Sampo Group, 2020
Distribution of Corporate Income Tax by Country, Sampo Group, 2020
More information in Sampo Group’s Corporate Responsibility report, p. 153.