Tax commitment

Tax commitment

We are aware of our obligations and responsibilities; we made a commitment to the State and to a transparent business management through a framework tax policy because we are convinced that those resources will be reflected in local and regional development.

Tax management and interaction system

Framework policy

Our Framework tax policy  supports operations, consolidating the transparency and accountability processes with procedures that set up protocols for their management and application in our company and its affiliates.

Guidelines of the tax strategy

The companies must keep in mind the following considerations in all their actions:

  • Carry out a reasonable and responsible interpretation and application of the tax regulations.
  • Develop synergies and knowledge networks among the companies.
  • Encourage development of tax initiatives to limit those that lead to reputation and economic risks which are not properly justified, such as the use of non-transparent structures, or in jurisdictions with preferential or non-cooperative tax regimes, and operations that represent tax abuses.
  • Evaluate fiscal implications during business reorganization operations, such as mergers, splits, acquisitions, and divestments.
  • Set up joint (us and our affiliates) indicators for tax management, and follow-up on those indicators.
  • Manage legal risks in an efficient manner, consistent with our interests as a company.
Relationship
  • Build fluid, transparent and responsible relationships with the different tax authorities in the countries in which we operate, based on the principles of good faith, trust and loyalty.
  • Cooperate to diligently provide accurate and complete information to the authorities.
  • Encourage the exchange of proposals with tax administrations with the aim of contributing to the improvement and strengthening of tax systems.
Reports and disclosures
  • Recognize current and deferred income taxes, as appropriate, carry out the reconciliations with the tax rates, and disclose any required information.
  • Present information about taxes, duties and contributions caused and/or paid, as required by the competent authorities, our company, and our affiliates.
  • Determine the frequency with which contingencies and litigations that have a material impact involving our companies must be reported to us and to our affiliates.
  • Send the appropriate information to our affiliates in a timely, accurate and complete manner, within the times and in the form agreed with the respective legal and tax departments.
  • Using their web pages, if they have them, to make it available to all stakeholders any tax information that they are required to publish.
Materiality
  • Materiality of issues that have positive or negative fiscal impacts is defined as the lower number between USD5 million, 5% of the actual or profits budgeted for the period, or 2% of the previous year’s equity.
  • Situations for which materiality must be evaluated include:
    • Interpretation and application of tax regulations that lead to uncertain fiscal positions, as well as those proposed for the promulgation of the regulation.
    • Business reorganizations, mergers, divestments, splits, joint venture operations, or any associative operation.
    • Operations among related parties subject to the transfer regime.
    • Operations that give rise, produce, or lead to a contingency or litigation related to tax matters. Dividend flows among the companies.
Governance
  • The policy shall be approved by our Board of Directors and, after approval, it must be approved by the corporate boards of directors, and finally by the boards of directors or equivalent bodies in each of our affiliates.
  • The financial vice presidents or managers and tax areas in each company will ensure compliance with the laws, internal regulations, and the policy.
  • We and all our affiliates will be responsible for aligning any initiatives and other actions required for compliance.
  • Certain situations must be reported to the corporate tax areas:
    • Issues that meet the definition of materiality.
    • Any matters with tax implications that are presented to the boards of directors of the companies.
    • Fiscal situations that involve a negative reputational impact.

Tax values paid by company and country

country name Colombia
Affiliates 2018 2019
30,76 -2,66
116,05 132,14
6,16 43,19
Affiliates
  • Grupo SURA
  • SURA Asset Management
  • Suramericana (Seguros SURA)
país Argentina Argentina
Affiliates 2018 2019
21,47 24,42
país Brazil Brazil
Affiliates 2018 2019
2,29 8,74
país Chile Chile
Affiliates 2018 2019
5,31 3,65
27,85 73,49
país Spain Spain
2018
0,19
país El Salvador El Salvador
Affiliates 2018 2019
2,99 6,56
país Mexico Mexico
Affiliates 2018 2019
20.58 13,31
63,45 69,01
país Panama Panama
Affiliates 2018 2019
4,12 1,51
país Peru Peru
Affiliates 2018 2019
42,33 38,91
país Dominican Republic Dominican Republic
Affiliates 2018 2019
14,14 15,95
país Uruguay Uruguay
Affiliates 2018 2019
12,27 11,44
4,90 5,52
(Figures in million de USD. TRM 2019: COP 3,281.09 TRM 2018: COP 2,956.43)

       Payment of taxes, fees and contributions
          of Grupo SURA and its subsidiaries

Company Grupo SURA SURA Asset Managmet Suramericana
Period 2018 2019 2018 2019 2018 2019
Argentina         21,47 24,42
Brazil         2,29 8,74
Chile     27,85 73,49 5,31 3,65
Colombia 30,76 -2,66 6,16 43,19 116,05 132,14
El Salvador         2,99 6,56
Spain     0,19      
Mexico     63,45 69,01 20,58 13,31
Panama         4,12 1,51
Peru     42,33 38,91    
Dominican Republic         14,14 15,95
Uruguay     4,90 5,52 12,27 11.44
Total 30,76 -2,66 144,88 230,12 199,22 217,73

Figures are expressed in USD millions. TRM 2019: COP 3,281.0
Note: taxes, fees and contributions reported in both periods do
not include advances to third parties. For 2018 the TRM applied
was COP 2,956.43.

                                      Earnings before taxes and income tax

Year 2018
Country Revenues Earnings before tax Accounting income tax Paid income tax
Argentina    332      6                   13                         8
Bermuda                  -6   -7                            –                                    –
Brasil                 150     5             –                                    –
Chile               1,000      95                 25                         21
Colombia                3,378       207 50                       51
El Salvador                   99         6                     3                            3
España                                     0        0                               0
Holanda                                   0       0
México     565          105                   43                       51
Panamá     130           16                     2                            3
Perú                  133             58                  24                         29
República Dominicana        49              3                1                            1
Uruguay        124              9                 4                         4
Total general      5,954             503                106                       170

Millions of USD

Year 2019
Country Revenues Earnings before tax Accounting income tax Paid income tax
Argentina                       279 -45 -17                         8
Bermuda                              1                              0                        0                            0
Brasil                         172 -1 0                                 0
Chile                      1,014                      200                60                       31
Colombia                    3,928                     285               76                       106
El Salvador                         133                         4                    1                         4
México                      686                       172               56                       42
Panamá                         146                       20                  4                            1
Perú                         154                      72                  23                         23
República Dominicana                       60                       9                    2                            1
Uruguay                        114                         15                   3                         3
Total general                    6,687                    731         209
                      218

Millions of USD