BasicNet : S.p.A. - Agreement signed with Tax Agency to access “Patent Box” tax break

BasicNet S.p.A. - Agreement signed with Tax Agency to access "Patent Box" tax break.

Turin, December 7, 2018 -BasicNet has signed today an agreement to access the "Patent Box" tax break.

The agreement signed today - with the support of STS Deloitte - is in addition to those agreed for the Group companies Basic Trademark and Superga Trademark, whose tax benefits have been reflected in prior year financial statements (to which reference should be made), and concludes the process undertaken by the Group to access the tax benefits available under the rule.

The Patent Box is a supportive tax break introduced by Stability Law 2015, granting a 50% exemption (reduced to 30% for 2015 and 40% for 2016) from taxes on income generated by the company (IRES and IRAP) from the exploitation of "intellectual property" (trademarks, patents, designs and models and software). The rule stipulates a mandatory period of five years which may be renewed. Renewal for the exploitation of Trademarks is not permitted. Today's agreement, as for the two previous agreements, covers the 2015-2019 period.

The tax benefit for the Group relating to the 2015 - 2018 period - both for the indirect intercompany use of intangible assets, covered by formal agreements with the Tax Agency, and for indirect use with third parties, for which the necessary clarifications have been obtained - will be reflected in the 2018 financial statements.

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Contact:

BasicNet

Paolo Cafasso 0112617787