Ahmedabad (Gujarat) [India], February 23 (ANI): The Adani Group, a major leader in infrastructure development, has released its Tax Transparency Reports for the fiscal year 2023-2024.
According to the release by the group, for the financial year 2023-24, the Adani Group’s total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore, showcasing a significant increase from the previous year’s Rs 46,610.2 crore through its portfolio of listed entities.
The details are covered in the independent reports published by seven of the group’s listed entities–Adani Enterprises Limited, Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Energy Solutions Limited, Adani Power Limited, Adani Total Gas Limited, and Ambuja Cements Limited. The figure also includes tax paid by three other listed companies–NDTV, ACC and Sanghi Industries–that are held by the seven companies.
“Transparency is the foundation of trust, and trust is essential for sustainable growth,” said Gautam Adani, Chairman of the Adani Group. “As one of India’s largest contributors to the exchequer, we recognise that our responsibility goes beyond compliance. It is also about operating with integrity and accountability. Every rupee we contribute to our nation’s finances reflects our commitment to transparency and good governance. By voluntarily sharing these reports with the public, we aim to foster greater stakeholder confidence and set new benchmarks for responsible corporate conduct.”
Through this voluntary initiative, the Group aims to demonstrate its commitment to transparency, foster stakeholder trust and contribute to a more accountable global tax environment, the release stated.
The Adani Group said that it considers tax transparency as an integral part of its broader ESG framework.
The group strives to harmonize growth with social responsibility, aiming to transform India’s infrastructure landscape while promoting innovation and creating long-term value for stakeholders, it added.
With the global tax environment entering a new age, forward-looking companies are voluntarily bringing out the Tax Transparency Report, even though the same is not mandatory.
Through the report, such companies seek to drive wider stakeholder attention and greater credibility, besides creating the basis for the highest standards of tax transparency, the release added.
The Tax Transparency Report offers a comprehensive breakdown of the Adani Group’s global tax and other contributions. It includes direct contributions, such as taxes, duties, and other charges paid by the Adani portfolio of companies.
Additionally, it covers indirect contributions, detailing taxes and duties collected and paid on behalf of other stakeholders.
The report also highlights other contributions, like social security payments made for the benefit of employees, providing a full overview of the group’s financial impact across various sectors.
The group has engaged a professional agency to provide an independent assurance report on its global contribution to the exchequer.
This report is included in the Tax Transparency Reports and provides details on the various types of taxes and other contributions paid by the group companies globally, as well as the group’s approach to tax.
By emphasizing transparency and integrity in tax compliance and reporting, the group aims to build trust with stakeholders and demonstrate its commitment to responsible business practices.
By voluntarily disclosing information about its global tax contributions, the company strengthens its commitment to economic development, fosters stakeholder understanding, and builds trust through transparent tax practices.
The detailed reports of each of the seven companies can be accessed on their respective company websites, the group said in the release. (ANI)
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