Business ethics permeates all our activities. Our value system, expressed to the full in the Code of Ethics, guides the conduct and management of the company in compliance with the principles of correctness and transparency, taking into consideration sustainability and corporate responsibility.
Business ethics represents a fundamental principle of our operations, also considering the strategic importance of the sector we operate in and the widespread nature of our activities across the country.
The ethical-reputational side, which we put before specific business needs, guides the definition of our strategic and operating choices, and represents a lever to ensure sustainable growth over the long term, at the same time ensuring the results expected by shareholders and sharing the value generated with all our stakeholders, also in environmental and social terms. In fact, one of the key factors of the Group’s reputation is its ability to conduct its business with fairness, propriety, transparency, honesty and integrity, in compliance with laws, regulations and international standards.
Adherence to the Code of Ethics and the ethical standards required to carry out the business guides the management choices of our Board of Directors, the behaviour of our people and relations with our suppliers.
The Code of Ethics is an integral and irrevocable part of the Organisation and Control Model pursuant to Legislative Decree 231/2001, which ensures the prevention of offences by directors or employees to benefit the company.
Our Tax Strategy, approved by the Board of Directors, is inspired by the same principles expressed in the Code of Ethics. In keeping with our values, we act in compliance with the applicable laws and principles of the tax system in the country in which we carry out our business.
The objective of the Tax Strategy is to:
- guarantee the correct calculation and settlement of taxes due by law, well aware that management of taxes is an integral part of the broader economic and social role the group performs in the Countries it operates in;
- monitor the tax risk.
The Italgas S.p.A. Board of Directors guarantees the conditions for the implementation of the Tax Strategy, promoting awareness on all levels of the importance that the Group attaches to the values of honesty, correctness and legality in tax. In order to further strengthen the Internal Control and Risk Management System we have also adopted the Tax Control Framework, aimed at detecting, assessing, managing and controlling the tax risks through a clear definition of the principles, methodologies, roles and responsibilities.
The tax strategy and the TCF constituted the prerequisites for admission, for Italgas and the subsidiary Italgas Reti, on 29 December 2020 and starting from the 2019 tax period, to the cooperative compliance regime, established by Italian Legislative Decree no. 128 of 5 August 2015, in order to promote forms of communication and cooperation with the tax authority, based on mutual trust.
Italgas operates in Italy and pays taxes in Italy.
Income taxes at 31 December 2020 came to 151,979 thousand euros, as detailed below:
|Current taxes for the year||105.770||24.270||130.040||151.495||32.325||183.820|
|Adjustments for current taxes pertaining to previous years||(2.667)||300||(2.367)||946||711||1.657|
|Deferred and prepaid taxes||(4.107)||362||(3.745)||(29.665)||(3.833)||(33.498)|
Income taxes relate to current taxes amounting to €185,477 thousand (€127,673 thousand as at 31 December 2019) and net prepaid taxes with a positive effect of €33,498 thousand (€3,745 thousand as at 31 December 2019).
Italgas makes the annual, consolidated Group and separate Italgas S.p.A. financial statements available to the public: the Balance Sheets sets out the payables/receivables for tax and the Income Statement sets out the taxes and tax rate for the period.
For any additional specification refer to the “Financial Statements and Presentations” section of the Italgas website where the 2020 Integrated Annual Report can be viewed