Snam tax policy
Snam’s fiscal policy is based on the respect of the principles of the Code of Ethics
Snam’s fiscal policy wholly comply with the ordinary course of Italian fiscal provisions, which do not allow any fiscal optimization strategy. Furthermore, Snam fiscal policy is based on the respect of the principles of the Code of Ethics, of the Administrative liability (Model 231) and of the Company Corporate System Framework.
The correct fulfillment of fiscal obligations is assured by Snam internal provisions (procedures and directives, which define roles and responsibilities, functions of analysis and planning, functions of operativeness and control, conditions of the information flow, with the related instructions of traceability).
The process is relevant in respect of the aims of Internal Control over the Financial Reporting System and, consequently, the internal fiscal provisions define and assign to the competent functions the related control activities.
With regard to the main stakeholders, the added value breaks down as follows:
- Employees 10.3% - through direct remuneration made up of salaries and severance pay and indirect remuneration comprising social security contributions and staff-related service costs (canteen services, reimbursement of travel expenses);
- Public Administration 12.8% - through the payment of direct and indirect taxes;
- Shareholders 28.7% - through dividends distributed. The reduction compared with the previous year is also due to the lower number of outstanding shares following the buyback of treasury shares (share buyback programmes);
- Lenders 24.2% (+9.9% compared with 2015). The increase over the previous year is due to the effect of the bond buyback transaction.
- 23.9% of the added value produced was also reinvested within the Company, the value intended for the amortisation and depreciation of tangible and intangible fixed assets used in the production process.
- An amount of approximately €2 million was also allocated to local communities (equal to 0.1% of the value generated) through donations, sponsorships and environmental compensation pursuant to the law.
Distribution of added value (%)
Income taxes (€308 million) break down as follows:
|Deferred and prepaid taxes:|
|- Adjustment to deferred taxes (Robin Hood Tax)||(69)||(35)|
Income taxes amounted to €308 million, comprised of €348 milion in current taxes partially offset by net deferred tax assets totalling €40 million.
Snam Group is active in Italy. All the companies of the Group publish an Annual Report: in the Balance Sheet are reported all data and information related to the net financial debts/credits, in Income Statement are reported all data and information related to the income taxes and the tax rate.
For further information please make reference to Snam Annual Report 2016 and to the Annual Reports of Snam’s subsidiaries in the document section of the following website:
From July 2014 Gasrule Insurance DAC, a captive insurance company based in Dublin 100% owned by Snam, is operative. The Company is responsible for the tax obligations by Irish tax law. Tax related data is presented in Gasrule Insurance DAC 2016 Annual Report.
In addition, Snam holds the investments in associates and joint ventures in companies with registered office in Europe, as shown in the Appendices to the notes of the consolidated financial statements of 2016. Each company is responsible for the tax obligations pursuant to tax law of the country of residence. Tax related data and information of these companies are clearly stated in their annual reports.
10 August 2017 - 11:04 CEST