Total Tax Contribution
The Cattolica Group decided also in 2018 to make a full reporting regarding its total tax contribution. The product of that commitment is the Total Tax Contribution Project. This initiative was launched in 2017 and follows the trend of international law-makers to increase fiscal transparency of economic groups (e.g. the BEPS project implemented by OECD, non-financial reporting, etc.).
The purpose is to share with stakeholders, in a transparent and immediate way, the information on taxes and contributions paid1 in Italy, in a way to strengthen the image of social responsibility commitment of the Group.
The Total Tax Contribution approach allows a suitable disclosure by the Group to the tax jurisdictions where it operates, by means of transparent and exhaustive communication.
The model details the types of income subject of withdrawal that generated the payment of a tax.
The following tables show the Total Tax Contribution of the Cattolica Assicurazioni Group in 20182.
1 The Total Tax Contribution considers all the taxes paid during 2018 according to the “cash” principle, instead of on an accrual basis, as used in the model for the determination of the economic value generated and distributed.
2 The figures refer to the perimeter of the Cattolica Group at 31.12.2018, including the Vera Vita, Vera Assicurazioni and Vera Protezione companies for the quota pertaining to the Group (after closing). The data relative to Cattolica Agricola at the exception, which are not reported, since the input of that company to the Group’s tax contribution is negligible.
With regard to potential corruption risks, the main risk factors were identified during the assessment activities, in accordance with Italian Legislative Decree 231/2001.
This analysis allowed to identify suitable control and prevention mechanisms, as defined by the Organisational Model.
As a result of the strong focus in this area, the Group has started a review process of the internal regulations to further strengthen the existing monitoring regarding the fight against corruption.