Allegrini 2018

Wine and taxation: Masi Agricola opens up to the “Patent Box” with the Italian Revenue Agency

The tool: a portion of the income derived from the use of intangible assets, such as trademarks, does not contribute to forming total income
innovation, MASI, revenue, VALPOLICELLA, WINE, News
Federico Girotto, managing director of Masi Agricola

Innovation is one of the pillars of every long-lived and successful company, in every sector, including wine. A philosophy that has always characterized the actions of Masi Agricola, one of the most important producers of Amarone della Valpolicella and Italian wine, led by Sandro Boscaini. After being one of the first (and still very few) wine producers to be listed on the Aim Italia stock exchange, it was also the first to sign a preliminary agreement with the Veneto Regional Revenue Office for the definition of methods and criteria for calculating the income statement in the case of direct use of intangible assets.
The benefit consists in a reduction of the company’s taxable income according to the contribution of trademarks to the creation of income. This facilitation is commonly referred to as the “Patent Box”. This agreement provides, therefore, the method of calculating the economic contribution to the production of business income of the trademarks used by Masi Agricola.
Simplifying, in essence, investments aimed at positioning brands, a strategic asset for any company, in particular in the market of quality wines, and the revenues derived from them, are considered in a different way from the rest of revenues and expenses.
Technically, among the benefits indicated on the website of the Italian Revenue Agency, in general, following the option for the “Patent box” regime, which can be accessed only under certain conditions, a share of the income deriving from the use of intangible assets does not contribute to forming the overall income, as 50% of the relative amount is excluded. “We are satisfied with what we consider an implicit confirmation of the value of our brands, on whose premium positioning we work every day with great determination - comments Masi Agricola’s managing director, Federico Girotto - in order to confirm ourselves among the most representative companies of Made in Italy. Our values, distinctive skills and deep respect for the territory, also in terms of sustainability, are the main pillars on which we will continue to focus in our future growth strategy”. Masi Agricola recalls that, while for 2015 the tax relief is determined by excluding from the taxable base 30% of the income attributable to the use of eligible intangibles, for 2016 the share will be 40%, while for the three-year period 2017-2019 it will be 50%. The company will publish further information on this topic in the financial statements for the year ended December 31, 2020.

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