In line with its sustainability strategy and with the values set out in the Group's Code of Ethics, the Poste Italiane Group has always managed taxation in full compliance with the principles of honesty, fairness and compliance with tax regulations, characterised by cooperative and transparent conduct towards tax authorities and third parties, in order to minimise any material impact in terms of tax or reputational risk. To this end, the Group has adopted a Tax Strategy within which the Company has defined its objectives:
- manage the tax variable by protecting the interests of all stakeholders, including the government, shareholders, employees and the community in which it operates, including at local level, being aware that tax revenue is one of the main sources of contribution to the economic and social development of the country;
- always operate in compliance with tax regulations with regard to both the letter of the rules and the underlying rationale, monitoring and overseeing regulatory changes, including through continuous dialogue with the relevant institutions at national and international level;
- make decisions on tax matters inline with national and international best practices and with the guidelines dictated by sector bodies, as well as in line with its own strategic objectives and risk appetite;
- promote professional diligence in the management of tax-relevant activities and processes, and ensure that the related procedures are appropriate;
- ensure adequate technical training for all employees involved in the management of tax-related obligations and activities;
- establish complete and accurate information flows to management bodies and tax authorities;
- encouragethedevelopmentofconstructive,professional and transparent relations with the Tax Authorities, based on the concepts of integrity, collaboration and mutual trust.
Poste Italiane coordinates with Group companies to ensure that operate in compliance with current tax legislation and in line with the Group risk management and control system.
Poste Italiane's tax revenue for the year 2022 was 2.1 billion euros. Poste Italiane operates in Italy and pays taxes in Italy.
FISCAL TRANSPARENCY POLICIES
TAX RISK MANAGMENT
During 2022, an update of the Tax Risk Assessment was carried out, which entailed a review of Poste Italiane’s tax risks, both in terms of existing risks and their assessment, as well as an update of activities and the related controls, partly in order to exploit potential synergies with other control systems within the Company. In general, the review of the Tax Risk Assessment covered the following points:
- update of the tax risk map due to changes in tax legislation, the review of risks with a view to continuous improvement;
- update of the qualitative/quantitative assessment of tax risks, in line with the risk assessment methodology developed in 2020;
- updating of the activities and related controls identified to mitigate tax risks in response to changes in tax legislation, organisational changes and process changes during the period, of any shortcomings in the design of controls identified during testing or with a view to continuous improvement in order to ensure the efficiency and harmonisation of Poste Italiane’s existing control systems, and to increase the awareness of control owners regarding the methods of carrying out controls.
During 2022, the controls to guard against the risks envisaged within the framework of Poste Italiane's tax risk management and control system were monitored, in accordance with what was defined in the 2021 - 2023 Monitoring Plan and in line with the methodology adopted.
For further details regarding the Group's fiscal performance in 2022, please refer to the
attached document
on the Group's country-by-country fiscal reporting.
