We are one of the largest, most diversified shipbuilding groups in the world.

Till 2012, the Fincantieri was mainly operating through Italian entities with only few foreign companies, the only significant presence outside Italy being in the USA.


Since 2013, as a consequence of the acquisition of VARD, our worldwide presence has increased to about 20 countries, the most significant being Italy, Norway, USA., Romania and Brazil, that together account about 98% of the Group revenues (the data refers to 2017).


As a multinational group, we contribute to the economies of the various countries in which we operate.


Our global tax contribution includes various type of taxes, which can be grouped in the following categories:

  • income taxes, such as the corporate tax borne on our profits;
  • property taxes, levied on the ownership, sale or tenancy of properties;
  • employment taxes, which comprise taxes collected and paid to tax authorities on behalf of the employees;
  • indirect taxes levied on the production and consumption of goods and services, such as VAT, custom duties, etc..


In 2018 the Group reported an effective corporate income tax rate of 43.5% (37.1% in 2017).

The table below shows the amount of current and deferred income taxes recognized in the consolidated statement of profit and loss for the years ended 31 December 2018 and 31 December 2017:


Income taxes


(euro/thousand) 2017 2018

Current taxes



- italian companies

- 5,931

- 61,365

- foreign companies






Defferred taxes



- italian companies



- foreign companies









Total -31,277 -53,220


More details about income taxes are provided on our Annual Report 2018.

Our approach to tax matters

Our approach to tax matters reflects the principles, objectives and commitments provided for by our Code of Conduct, which sets out the standards and behaviour we expect at Fincantieri.


In the spirit of the Code of Conduct, we are committed to act with honesty and integrity in all tax matters and we aim to pursue a tax strategy that is transparent and sustainable in the long term.


We are committed to strict compliance with tax legislation in all the jurisdictions in which we operate, working closely with tax advisors, auditors and tax authorities to ensure that we pay our fair share of taxes.

Tax planning

We aim that the Group’s tax affairs are carried out in the most efficient manner, whilst remaining compliant with all applicable tax laws.


Our approach to tax planning is conservative and consistent with the principles set out in our Code of Conduct. We do not pursue any aggressive tax planning strategies and do not engage in artificial arrangements that lack economic substance or whose sole purpose is to achieve tax savings.


Governments often introduce tax incentives to promote investment, employment and economic growth; we will seek to benefit from such incentives, where available and consistent with our business.

Tax risk management

The Group’s appetite for tax risk is low.


In determining the tax treatment of a particular transaction or activity we adopt reasonable and well grounded tax choices and interpretations.


In light of the size and complexity of our business, risks may arise in relation to interpreting complex tax legislations. We manage these risks by identifying and assessing them internally and seeking advice from established and reputable tax advisors where appropriate.

Relationship with tax authorities

We aim to build and maintain an open and constructive relationships with all competent tax authorities and to resolve any dispute matters through collaborative discussion.


In cases of particular uncertainty over the appropriate tax treatment of significant matters, we may also seek advance clearance from the relevant tax authority.


We act with transparency in all communications with the competent tax authorities, also in the event of tax audit involving Group’s entities or third parties.


We seek to respond promptly to any enquiries or request from tax authorities.

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