Tax Transparency Report
The Generali Group is well aware of the great importance of its contribution in terms of taxes paid (borne and collected) in the countries where it operates as a lifetime partner for its customers and more in general for the whole society. In fact, fair, effective and stable tax payments are a fundamental part of the government’s funding to provide essential public services such as healthcare, security, education, pensions, infrastructures and active response to support people’s spending power.
For Generali, sustainability does not only mean doing business as to maximize value creation for the Company in the long run, but also taking into consideration the needs of the territories to which the Group belongs.
Additionaly, considering comprehensive tax reporting as an enabling factor in its approach to taxation, Generali has always supported the initiatives developed at OECD level to promote tax transparency. It fully complies with any relevant regulations in the countries where it operates and it has been submitting its Country-by-Country Report to the Italian Tax Authority since reporting year 2016.
With its Tax Transparency Report, Generali provides an overview of the Group commitment to its tax responsibilities. The Report describes the pillars of Generali sustainable tax outcomes and details the Group Total Tax Contribution for the year 2022 of about € 10 billion (8,5 in 2021) , including taxes borne and taxes collected.
The Generali Group shares its Tax Transparency Report with its stakeholders, describing:
- the Tax strategy and principles on taxation;
- the Tax governance, management and control system, i.e. how the above tax principles are embedded in the Group and in the relations with its stakeholders;
- the Tax Reporting with both: i) the Total Tax Contribution, detailing the breakdown by tax jurisdictions of taxes directly paid on its business (taxes borne) and of taxes withheld and transferred to governments (taxes collected) and ii) the Country-by-Country Data, providing a clear overview of Total income, Profit before income taxes, Income tax accrued, Income tax paid and Number of employees, aggregated by jurisdiction of tax residence (i.e., the jurisdiction in which the entities are resident for tax purposes).
The Generali Group, anticipating the introduction of a public CbCR and in line with S&P Global guidance for the Dow Jones Sustainability Indices, has chosen to disclose the above mentioned figures on the basis of OECD rules on CbCR.