Tax Strategy

Prysmian tax strategy is focused on ensuring that taxes and tax risks are managed consistently with Group’s strategic and commercial objectives. The Tax Strategy is a fundamental element of and has inspired the adoption of  Prysmian Tax Control Framework (TCF), a system designed for the Italian legal entities of Prysmian Group, with the aim of detecting, measuring, managing and control tax risk, defined as “the risk of operating non in compliance with tax rules or in contrast with the aims and principles of the tax system”.

Following the approval of Prysmian S.p.A. Board of Directors, Prysmian Tax Strategy directly applies to all the legal entities directly or indirectly controlled by Prysmian S.p.A.

Prysmian Group’s tax strategy is centered on the following key concepts:

• Compliance - observing applicable tax laws, rules, regulations and official guidelines issued by the Tax Authorities;
• Legality - ensuring that each company of the Group fulfils its tax obligations with regards to the administration and payment of all taxes;
• Sustainability - managing tax affairs in an efficient, effective and sustainable manner, in order to support Prysmian business activities and, as with all other aspects of Group business operations, to maximize shareholder value;
• Fairness - applying diligent professional care and judgment to ensure all decisions on tax matters are in line with national and international best practices, well-analyzed and properly documented;
• Trust and Transparency - acting positively and transparently towards Tax Authorities in order to develop and sustain fair and honest working relationships. 

To support the effective application of the above mentioned principles, Prysmian Tax Strategy is deployed through the following guidelines.

• Continuous exchanges of information
• Tax planning
• Tax risk mitigation
• Transparency and Relations with Tax Authorities
• Tone at the top
• Compliance Culture