As a multinational group, we provide a significant contribution to the economic and social development of the countries in which we operate.


This contribution includes the revenue derived from taxes, such as:

  • 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.

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 2019 and 31 December 2020:

 

Income taxes
 
(euro/000) 2019  2020 
Current taxes:    

- Italian companies

- 38,174 17,976

- foreign companies

- 7,333 - 8,617
   - 45,507 9,359
     
Deferred taxes:    

- Italian companies

- 26,436 9,667

- foreign companies

- 12 - 9,823
  - 26,448 - 156
 Total - 71,955 9,203

In 2020 the Group reported an effective corporate income tax rate of 3.6% (-138.5% in 2019).


The Group tax rate depends on the geographical distribution of pre-tax profits and losses and on the income tax rules applicable in the different Countries, but can also be influenced by specific contingent situations. As for 2020, the tax rate is affected by VARD group companies deferred taxes and in particular by the impairment of deferred tax assets recognized in previous years and the non-recognition of deferred tax assets on current losses.

 

Since 2021, Fincantieri Group has adopted a tax strategy which, inspired by the principles set forth in the Code of Conduct, defines the objectives of the Group in relation to the management of tax aspects and sets the guidelines for their concrete implementation.

WHICH OBJECTIVES DO WE HAVE ON THIS TOPIC?

Governance and business integrity: 2018-2022 Sustainability Plan objectives and targets

Commitments Objectives Description/ Target Benefits Status Timetable

Adoption of preventative measures and policies geared towards the prevention of corruption in all spheres of influence

Definition of the tax strategy

Definition of the tax strategy through the preparation of the tax policy containing the Group's principles and commitments with regard to tax compliance

• Improve the Group’s tax compliance

• Greater alignment between the tax strategy and sustainability strategy

 Achieved

 

Fincantieri has drawn up the Tax Strategy approved by the Board of Directors of Fincantieri S.p.A., a document that is inspired by the principles set forth in the Fincantieri Group Code of Conduct, which defines the Group's objectives related to tax aspects and sets the guidelines for their concrete implementation.

2021

Related Topics

Economic responsibility

Economic value for stakeholders

The Bridge for Genoa

Economic satellite businesses

Supply Chain

Business Model

Financial Statements

Business Ethics