UniCredit and FinecoBank: the first banks in the cooperative compliance scheme with the Revenue Agency

UNICREDIT and FINECOBANK are the first banks in Italy to have been admitted to the cooperative compliance scheme pursuant to articles 3-7 of Legislative Decree 128/2015.

The ordinances admitting the companies, signed by the Director of Central Assessment at the Revenue Agency, were issued in the past few days after the conclusion of the procedure to verify compliance with the eligibility requirements for accessing the scheme, as set out by the decree and initiated at the end of December 2016 following submission of the application.

In accordance with the legislation, following the admission ordinance the two banks were cleared for addition to the register of taxpayers operating in full transparency with the Italian tax Authorities, which is published on the Agency's official website.

This important achievement has been reached thanks to the match of both the subjective and objective requirements, that means to have an effective system for identifying, measuring, managing and controlling tax risk in line with the 'essential' requirements of the Tax Control Framework envisaged by law, Revenue Agency ordinances and by the OECD documents published on the subject.

This scheme - deemed to be effective as of 2016, the year in which the application was submitted - establishes a closer relationship of trust and cooperation with the Revenue Agency, helping to increase the level of certainty on significant tax issues under conditions of full transparency, through ongoing and prior discussions on situations likely to generate tax risks for UniCredit and FinecoBank.

For the UniCredit Group, joining the Italian cooperative compliance scheme - in line with the Group's tax strategy approved last year - is a fundamental milestone in the accountability process that began with joining the tax compliance schemes of other tax authorities in the countries where the Group is present (for example in Great Britain, where the scheme has been implemented since 2009 and which UniCredit immediately joined).

Rome, July 21, 2017

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