Ferrari N.V. signs advance agreement on Patent Box

Publication date: 
11 Sep 2018

Maranello (Italy), 11 September 2018 – Ferrari N.V. (NYSE/MTA: RACE) (“Ferrari” or the “Company”) informs that its fully owned subsidiary Ferrari S.p.A. has signed the advance agreement with the Italian Revenue Agency to access the Patent Box tax relief.

The Italian Patent Box regime provides for a tax relief for a five-year period from 2015 to 2019. The estimated tax benefit for the three-year period 2015-2017, is approximately equal to Euro 139 million and it will be fully reflected in the Group’s Q3 2018 results as previous years income tax adjustment. The tax benefits for 2018 and 2019 will be quantified and disclosed in the Group financial statements of such respective years.

The Patent Box represents a tax relief regime for the benefit of companies generating income through the direct and indirect use of copyrights, patents, trademarks, designs and know-how; the benefit is determined by excluding from the taxable income of each fiscal year a certain percentage of the income attributable to the use of intangible assets: such percentage amounts to 30% with reference to fiscal year 2015, to 40% with respect to year 2016 and to 50% for the three-year period 2017-2019.