Pirelli & C S p A : SIGNS PATENT BOX, FISCAL BENEFIT OVER 3-YEAR PERIOD 2020-2022 ESTIMATED AROUND 40 MILLION EURO
August 03, 2023 at 12:55 pm EDT
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Milan,
03
August
2023
|
18:47
Europe/Amsterdam
PIRELLI SIGNS PATENT BOX, FISCAL BENEFIT OVER 3-YEAR PERIOD 2020-2022 ESTIMATED AROUND 40 MILLION EURO
Cooling tower in Milan headquarters building
Cooling Tower in Milan Headquarters building
Milan, 3 August 2023- Pirelli today signed the renewal of the advance agreement with the Italian Tax Office to continue to benefit from the tax breaks of the Patent Box, excluding trademarks, with reference to the fiscal years 2020-2024.
The estimated tax benefit for the 3-year period 2020-2022 is about 40 million euro, with a similar estimated positive impact at the level of net profit and will be booked in the accounts of the year underway which will also take into account the quantification, now being determined, for the year 2023. The effect on cash flow will be distributed between 2023 and 2025 without any significant impact on the 2023 cash flow. Therefore, the cash flow target for 2023 remains unchanged.
The Patent Box is a preferential taxation scheme that benefits companies that directly use, or use through concessions to utilize, software, industrial patents, designs and models as well as processes protected by copyright, and formulae and information relating to experience acquired in the industrial, commercial and scientific fields that can be protected under law.
Pirelli & C. S.p.A. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 16:54:12 UTC.
Pirelli & C. S.p.A. specializes in the manufacturing and marketing of tires for light vehicles and two-wheeled vehicles.
Net sales break down by source of revenue between product sales (97.3%) and services (2.7%).
At the end of 2023, the group operated 18 manufacturing sites in the world.
Net sales are distributed geographically as follows: Europe (39%), North America (25.7%), Asia/Pacific (16.8%), South America (12%), Russia/Nordic countries/Middle East/Africa/India (6.5%).