Our Approach to Tax Matters

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

Our economic contribution in the various countries where we are present is also expressed at tax level and is divided into various types of taxes, which can be grouped into the following categories:

• income tax, such as corporation tax;
• property taxes, levied on ownership, sale or lease of property;
• taxes on labour, which include taxes collected and paid to the tax authorities on behalf of employees;
• indirect taxes levied on the production and consumption of goods and services, such as VAT, customs duties, etc.

In 2022 the Group reported an effective corporate income tax rate of 2% (72.6% in 2021).

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 2022 in particular, the tax rate is mainly affected by the non-recognition of deferred tax assets on the losses realized during the year by some subsidiaries.

Since 2021, the 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.