Terna Achieves Milestones in Governance and Tax Transparency, Gains Admission to Italian Tax Scheme

Terna Achieves Milestones in Governance and Tax Transparency, Gains Admission to Italian Tax Scheme

(IN BRIEF) Terna, Italy’s national power grid operator, has achieved noteworthy milestones by securing the “UNI Pdr 104 2021” certification for robust administrative and tax governance and being admitted to the Italian Revenue Agency’s Collaborative Compliance tax scheme. The certification, valid for five years, validates Terna’s commitment to financial reporting excellence and the reliability of its administrative and financial staff. Participation in the Collaborative Compliance scheme enhances tax transparency and trust with the Italian tax Authority, enabling proactive dialogue on tax matters and mitigating potential risks. These accomplishments underscore Terna’s dedication to responsible and transparent tax practices.

(PRESS RELEASE) ROME, 27-Dec-2023 — /EuropaWire/ — Terna is the first Italian company to obtain the “UNI Pdr 104 2021” certification for the management and internal control of administrative and accounting processes for the parent company Terna S.p.A. and its subsidiaries. The national power grid operator has also been admitted to the Italian Revenue Agency’s Collaborative Compliance tax scheme, heralding a closer relationship of trust with the Italian tax Authority and transparent dialogue on significant tax issues.

The “UNI Pdr 104 2021” certification, issued by Intertek Italia for a five-year term of validity, states that the Group led by Giuseppina Di Foggia implements strong governance of all administrative and tax matters and related control processes. The certification also enhances the company’s efforts to fine-tune its financial reporting procedures and validates the absolute professionalism and reliability of Terna staff responsible for the administration, finance and control services.

Terna has also recently been admitted to the Collaborative Compliance tax scheme run by the Italian Revenue Agency, giving the Company new status as a special interlocutor with the Agency. Terna’s admission to the scheme after appraisal by the tax Authority brings into being a proper corporate system for detecting, managing, controlling and mitigating situations that could create tax risks.

Admission to the Collaborative Compliance scheme is expected to bring more certainty on significant tax issues through ongoing, preventive dialogue with the Italian Revenue Agency and shared assessment of situations likely to create tax risks. This important development also means that management of the tax variable will be one of the Group’s indicators of excellence, also in ESG terms, since tax revenues are an important contributor to the country’s economic and social development.

The Italian Revenue Agency’s announcement of the admission decision places Terna among those companies, listed on the Agency’s website, that operate in full transparency with the tax Authority.

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SOURCE: TERNA S.p.A.