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Tax Strategy On November 7, 2018 the Board of Directors of Poste Italiane S.p.A. approved the "Poste Italiane Group's Tax Strategy".

The "Poste Italiane Group's Tax Strategy" represents a set of principles and rules aimed at promoting the dissemination of values of honesty, fairness and compliance with tax regulations. To this extent, it encourages the development of co-operative and transparent conducts towards the Italian Tax Authorities and third parties, in order to minimize any substantial impact in terms of both tax and reputational risk, also in accordance with the standards defined by the Group Risk Management Function.
 
The Tax Strategy, which is also one of the required elements for the inclusion of the Group in the main sustainability indices, provides for a governance model which ensures that: 
the Top management is informed about the tax consequences deriving from all the strategic and operational business transactions, planned and to be implemented, thus ensuring that any decision related to tax matters is consistent with the Group's tax strategy;
the Tax Function is involved in the preliminary assessment of the tax consequences arising from the above - mentioned transactions.
 
Poste Italiane liaises with the Group companies in order to ensure that these latter operate in compliance with the current tax legislation and in line with the Group risk management and control system.

Poste Italiane's tax revenue for the year 2020 was 2 billion euros. Poste Italiane operates in Italy and pays taxes in Italy.


FISCAL TRANSPARENCY POLICIES
In January 2020, both Poste Italiane and the subsidiary, Poste Vita, were admitted to the Collaborative Compliance regime with the tax authorities, an award granted following a positive assessment by the tax authorities of the system for identifying, managing, controlling and mitigating tax risk.

As previously stated when it entered the Collaborative Compliance regime, the Poste Italiane Group is committed to establishing relations with tax authorities that are based on the utmost transparency and cooperation, undertaking to:
  • communicate in a clear and transparent manner to the Revenue Agency any changes in the tax strategy, in the medium/long-term tax planning and the possible risks related to the most relevant transactions;
  • provide correct, accurate and timely information and respond promptly to questions and requests for information received by the Revenue Agency;
  • resolve any problems in a timely manner prior to the filing of tax returns, and, if differences subsequently arise, work out an agreement with the Revenue Agency to resolve them.

Tax Risk Assessment During 2020, an update of the Tax Risk Assessment was carried out, which entailed a review of the universe of Poste Italiane's tax risks, both in terms of existing risks and their assessment, as well as a revamping 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:
  • introduction, elimination and modification of the tax risk map due to changes in tax legislation, the review of risks with a view to continuous improvement and changes in Poste Italiane's corporate structure;
  • update of the qualitative/quantitative assessment of all fiscal risks. In particular, the use of the new risk assessment methodology developed in 2020 was envisaged for the performance of this activity;
  • update of the activities and related controls identified to mitigate tax risks in response to changes in tax legislation, any shortcomings in the design of controls identified during testing or with a view to continuously improve in order to ensure the efficiency and armonization of Poste Italiane’s existing control systems, while increasing the awareness of control owners regarding the methods of carrying out controls.

During 2020, the first monitoring activities were carried out on all the controls governing the risks envisaged within Poste Italiane's tax risk management and control system.