This admission is in line with international best practices and is in continuity with the Generali Tax Strategy.
After an in-depth assessment carried out by the Italian Revenue Agency in order to verify the full compliance of the Tax Control Framework adopted by the Company for the detection, management and control of tax risks, Generali has admitted to this scheme. The admission is already valid for the 2020 fiscal period.
Participation in this regime entails constant contact and full transparency in the relationships between the Company and the Italian Revenue Agency as well as a joint preemptive examination of the situations that could generate tax risks, in order to resolve potential disputes in advance, therefore increasing the level of certainty regarding relevant tax issues. This admission is in line with international best practice and is in continuity with the Generali Tax Strategy.
"The development of an effective tax risk management model, the adoption of the Group Tax Strategy and the admission to the Cooperative Compliance regime will therefore allow, within the framework of this relationship with the Italian Revenue Agency, the elimination of tax risks, which can be understood as the risk of operating in contrast with the principles of the tax system", according to Generali press release.
The Group's Tax Strategy is in line with Generali's sustainability principles, which consider tax revenues as a significant contributor to the economic and social development of the communities in which it operates. Due to the ethical relevance of this issue, the Company promotes the culture and values of a correct application of tax regulations.