UBI Banca Group

year, for 2004 the tax authorities have issued a collection order on a temporary basis, pending a
verdict, for taxes of €22 thousand, which the company paid. In consideration of the circumstance
that several companies participating in the tax consolidation were subject to assessment for the
tax year 2004, a reconciliation agreement was reached with the Regional Tax Commission of
Lombardy for a total settlement of €75 thousand.
UBI Leasing (2008) increased taxation of €0.30 million, fines of €0.30 million
A question of alleged mistaken calculation of the tax base for the purposes of land registry and
mortgage duties following end of lease purchase transactions on two finance lease contracts.
UBI Banca – BDG increased taxation of €1.5 million, fines of €0 million
The recovery of withholding taxes not applied by the subsidiary BDG on dividends paid in various
tax years to the Parent and considered as falling within the parent-subsidiary directives. The
Swiss tax authorities consider that joint stock co-operative companies like UBI Banca are not
joint stock companies and consequently do not fall within the scope of the directive. In January
2012 the Swiss court rejected the appeal lodged.
Centrobanca (2006) increased taxation of euro €2.73 million and fines of €3.83 million
This regards the criteria employed for the recognition of the disposal of loans to customers or the
recognition of impairment losses on those same loans notwithstanding the tax derivation principle
introduced for IFRS entities in 2005. The conduct of the company is also supported by the
reputable opinions of external advisors. Observations were presented against the demands in the
tax assessment report as permitted by the taxpayers’ statute (Law No. 212/2000). In
consideration of the magnitude of the demands, the inspectors referred the case to the Public
Prosecutor’s Office of Milan, where the hearing is still in progress. On 8 th June 2011, section nine
of the Court of Milan issued a ruling dismissing the case because there was “no case to answer”.
On 20 th July 2011 a notice of tax assessment was received from the tax authorities which took no
account whatsoever of the outcome of the criminal proceedings and confirmed the results of the
tax assessment report. An unsuccessful attempt was made to use compliance by consent
procedures in relation to that notice and therefore court proceedings were initiated.
Banca Popolare Commercio e Industria (2006) increased taxation of €1.2 million and fines of
€2.8 million
This regarded allegations concerning the tax treatment for VAT relating to 2006 for commissions
charged to third parties for custody and administration activities performed as a depository bank
for investment funds. This issue is a common one in the banking sector and it arises over the
interpretation at national level of the EU Directive 77/388/EEC of 17 th May 1977.
Banca Popolare di Bergamo (2006) increased taxation of €2.78 million and fines of €4.69 million
This regarded allegations concerning the tax treatment for VAT relating to 2006 for commissions
charged to third parties for custody and administration activities performed as a depository bank
for investment funds. This issue is a common one in the banking sector and it arises over the
interpretation at national level of the EU Directive 77/388/EEC of 17 th May 1977.
Banco di Brescia (2006) increased taxation of €1.95 million and fines of €2.92 million
This is a case of alleged irregularities in the quantification of the recognition of impairment losses
on loans for the year. After an unsuccessful attempt to use compliance by consent procedures
court proceedings were commenced against this allegation.
UBI Banca (2003) increased taxation of €18 million and fines of €25.2 million
This is a case of allegations of undue corporate income tax deductions of expense items in relation
to contributions of operations performed in 2003 which gave rise to the formation of the former
Banche Popolari Unite Group. The assessment relates to a year (2003) for which the time limit
expired on 31 st December 2008, while the inspection was performed in 2010. The bank has
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