Compliance with tax regulations and tax contribution - Intesa Sanpaolo
Compliance with tax regulations and tax contribution
The Intesa Sanpaolo Group complies with tax regulations in the belief that compliance is a fundamental contribution of citizenry supporting the community in which it operates. Intesa Sanpaolo's positive impact in this respect is confirmed by the disclosed forecast in the Business Plan of a total contribution from 2014 to 2017 of approximately 10 billion euro, an amount comparable to a budgetary stability law.
During 2016, the Group, in addition to indirect taxes of 877 million euro, recorded accrued direct taxes of 1,422 million euro, for the most part in Italy, where the majority of operating income was earned, as per the table below.
Rest of the world
Intesa Sanpaolo implemented appropriate internal rules to strengthen the commitment to combat assets in tax havens, envisaging the introduction of specific supervisory measures upon entry of the Group into new markets, with the assessment of tax risks connected to operations in legal systems with little transparency and/or through particularly complex corporate structures with limited transparency in terms of ownership structures.
Moreover, new rules for the management and monitoring of tax risks connected to the transactions of customers established in Italy were defined.
The Tax Controls office was created, which is also responsible for tax processes monitoring and assurance.
In compliance with applicable laws, Intesa Sanpaolo publishes a "Country by Country" report, with the following information for each country (according to rules established by the Bank of Italy): the gross income; the number of employees; profit or loss before taxes; taxes on profit or loss. The report is available at this link.