set forth in the tax strategy, Moncler aims to manage tax risk pro- actively and believes that adopting a TCF can assure its timely de- tection, accurate measurement, and effective control.
Moncler ensures transparency and integrity in its relation- ships with the tax authorities, in case of audits referring either to Group companies or third parties. The Company constantly acts with a transparent, cooperative approach with all industry asso- ciations and institutions to support the development of effective tax systems in the different countries in which it operates, and is active in various working groups on taxation, such as the one or- ganized by Altagamma.
EXCERPT FROM THE COUNTRY BY COUNTRY REPORT 2020
MILLION EUROS
2020
Tax rate Countries Revenues Income Taxes Taxes Employees
range included in from third before paid11 accrued12 (FTE)
the range parties9 taxes10
EMEA x<10% United Arab Emirates 4.85 -0.53 0.03 0.01 18.04
Hungary
10%
EU TAXONOMY Regulation (EU) 2020/852 introduced the Taxonomy into the Eu- ropean regulatory system in order to determine whether econom- ic activity can be considered environmentally sustainable and to stimulate transparency in green finance transactions by identify- ing the degree of environmental sustainability of an investment.
Environmentally friendly economic activities are assessed on the basis of whether they can contribute to six environmental objectives: 1. climate change mitigation 2. climate change adaptation 3. sustainable use and protection of water and marine re-
sources 4. transition to a circular economy, including with regards to the reduction and recycling of waste 5. pollution prevention and control 6. protection and restoration of biodiversity and ecosystems.
In order to be considered as environmentally sustainable, activities must meet specifi c criteria including: contributing positively to at least one of the six environmental objectives; not having negative impacts on any of the other objectives (DNSH - Do Not Signifi cantly Harm criterion); being carried out in accordance with minimum so- cial guarantees; and complying with the technical criteria identifi ed by delegated acts adopted by the European Commission.
At the date of publication of this Document, the list of ac- tivities defined as environmentally sustainable by the Taxonomy is only available for two of the six environmental objectives de- fined by Article 9 of Regulation (EU) 2020/852: Climate change mitigation and Climate change adaptation . In particular, for the 2021 reporting year, Regulation (EU) 2020/852 requires informa- tion to be provided on the share of turnover, capital expenditures (CapEx) or operating expenses (OpEx) associated with economic
9 Revenues from third parties, amounting to 1,406.19 million euros, differ from the amount shown in the Annual Report 2020, equal to 1,440.41 million euros, because in this table they include reve- nues contained in the local statutory fi nancial statements of the individual companies.
10 Income before taxes of 337.85 million euros differs from the amount shown in the Annual Report 2020, equal to 345.52 million euros, because in this table it includes the pre-tax income con- tained in the local statutory financial statements of the individual companies.
11 Taxes paid differ from taxes accrued primarily because they con- sist of the balance of the previous year (2019) and only advance payments for the current year (2020).
12 Taxes accrued refer only to current taxes accrued in 2020. In addi- tion, the nominal tax rate is applied to pre-tax profi ts, which have been adjusted on the basis of local tax laws.
250 251 MONCLER GROUP
2021APPENDIX APPENDIX
