BusinessWire India
Udaipur (Rajasthan) [India], July 18: Hindustan Zinc, a Vedanta Group company in the zinc-lead-silver business, has contributed about 73% of revenues to exchequer during FY 2022-23 as per its 6th Tax Transparency Report. The company is committed to being a responsible taxpayer and has a long history of transparent tax policies. Voluntary tax disclosures through publication of Tax Transparency Report has been a pro-active initiative undertaken by the company, reiterating its commitment to transparency and good tax practices. The details of different types and amounts of taxes paid by Hindustan Zinc as well as the principles and strategies that guide its tax governance are provided in this report.
The company has contributed more than USD 10 Bn to the exchequer during the last 5 years while in FY 2022-23 the total contribution to the exchequer was over USD 3 Bn which plays an important part in wider economic and societal impact and therefore plays a key role in the development of the country. In form of dividend, since the year of disinvestment, Hindustan Zinc has contributed over USD 5 Bn to Government of India.
During the last five years, Hindustan Zinc’s consolidated contribution to the exchequer stands to Rs. 80,113 Cr. The company contributed approx. Rs. 3,100 Cr. every year on an average in the last 5 years to the state of Rajasthan in form of Royalties, contribution to District Mineral Foundation (DMF) etc.
In the last 5 years, Hindustan Zinc has paid royalties to Rajasthan state government and has made contributions to the District Mineral Foundation and National Mineral Exploration Trust to the tune of Rs. 15,615 Cr. While the company has piad a total of Rs. 12,594 Cr. as taxes on income which comprises of corporate income-tax in the last 5 years and reflected in the annual income tax returns. Through Indirect taxes, the company has paid Rs. 26,557 Cr. to the central and state governments on the sale of goods, such as the Central Goods & Services Tax and the State Goods & Services Tax.
The company considers tax as an important part of its Environmental, Social and Governance (ESG) agenda and its Tax Transparency Report helps to disseminate information about Hindustan Zinc’s contribution to economic development, improve stakeholders’ understanding of its business, build trust and improve transparency of tax payments.
Hindustan Zinc is committed to be fully compliant with all applicable tax regulations and to transparently communicate tax positions. In complying with tax laws, Hindustan Zinc takes into account both the letter and spirit of the law. The company maintains the highest standards of integrity with respect to tax compliance and reporting.
This report is part of Hindustan Zinc’s voluntary initiative to be at the forefront of transparent disclosures and to demonstrate our agility in tax reporting and focus on maintaining high standards in disclosures. The report can be accessed on the company website: https://www.hzlindia.com/wp-content/uploads/HZL_TTR_22-23_FF.pdf.
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