Maranello, 27 June 2023 – Ferrari S.p.A. has been admitted to the cooperative compliance programme (pursuant to Italian Legislative Decree 128/2015) by the Italian Revenue Agency. This admission is effective as of 2022 (the year in which the application was filed), and was preceded by the adoption and validation by Revenue Agency officials of an internal tax risk control system, referred to as the Tax Control Framework (TCF).
Adherence to the programme involves a paradigm shift in the way in which relations with the tax authorities are managed. The tax payer will thus move from a system based on tax inspections carried out subsequent to the fulfilment of fiscal requirements and initiated several years after the end of the relevant tax year, to a system of continuous preemptive checks designed to resolve any potential tax disputes in advance.
Antonio Picca Piccon, Chief Financial Officer, stated: “Ferrari Group recognises the strategic importance of safeguarding against tax risk, as part of our belief that compliance with tax provisions constitutes one of the fundamental values that underpin our business activities, in line with our sustainability principles. Through the taxes they pay, Ferrari and the parent company Ferrari N.V., whose tax residence is in Italy, are proud to contribute to meeting the needs of our country and the communities in which they operate.”