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Snam tax policy

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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 10.2% - 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 14.0% - through the payment of direct and indirect taxes;
  • Shareholders 29.9% - through dividends distributed. The value delivered increased despite the smaller number of shares outstanding following the buyback of treasury shares by Snam under the share buyback programme launched in November 2016; 
  • Lenders 11.9% (-12.3% compared with 2016). Reduction in response to the benefits arising from optimising activities implemented during 2016 and 2017, in particular the liability management operation completed in October 2016;
  • The 33.8% (+9.8 percentage points compared to 2016) of Added Value produced was also reinvested within the company and approximately 80% was allocated to depreciation/amortisation of tangible and intangible fixed assets used in the production process (100% in 2016);
  • An amount of approximately €5 mln was designated for local communities (0.2% of the value generated) through donations and sponsorship initiatives and environmental compensation pursuant to the law.

 

Distribution of added value (%)

 

 INCOME TAXES

 

Income taxes (€308 million) break down as follows:

(€ million) 2015 2016 2017
Current taxes:      
- IRES 361 287 301
- IRAP 65   61  59
  426 348 360
Deferred and prepaid taxes:      
- Deferred (16) (22) (16)
- Prepaid (18) (18) (15)
 - Adjustment to deferred taxes (Robin Hood Tax) (35)    
  (69) (40) (31)
       
  357 308 329

 

Income taxes amounted to €329 million, comprised of €360 milion in current taxes partially offset by net deferred tax assets totalling €31 million.

The Snam Group operates all over Italy through four companies, which it owns entirely, in the transportation and dispatching of natural gas, regasification of liquefied natural gas and storage of natural gas. The captive insurance company Gasrule Insurance DAC, based in Dublin, of which Snam holds 100% of the shares, has been operative since July 2014. The company is responsible for fulfilling the tax obligations laid down in the Irish tax legislation.
In Europe, Snam operates on the main continental energy corridors through agreements and stakes in the main players in the sector.
Every company in the Group publishes its financial statements: its Statement of Assets and Liabilities includes the tax debts/credits and its Profit and Loss Account includes the taxes and tax rates of the period.
Below is a link to Snam’s web site from which you can extract the Group’s financial statements
 
http://www.snam.it/en/Investor_Relations/Reports/index.html

With regard to corporation tax (IRES), Snam opted for the Italian tax consolidation regime formally adopted by all consolidated Italian companies, except for Infrastrutture Trasporto Gas S.p.A.
 

Read the Snam Code of Ethics

Read the Snam Code of Ethics

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Find out more in Snam annual report

Find out more in Snam Annual Report

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Find out more about Business ethics and governance

Find out more about Business ethics and governance

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updated
16 May 2018 - 18:12 CEST