The new solution dedicated to the sale of Sismabonus and Ecobonus Tax credits

Studio Tributarioe Societario

Taking a socially beneficial action witha discount on taxes for the next 5-10 yearsOur solution, delivered via a completely new digital experience, ensures quicker and more secure acquisitions of Sismabonus and Ecobonus Tax credits, financial savings, a risk-free investment and an optimized customer service, contributing to safety and preservation of the environment through the achievement of a higher level of energy efficiency of buildings.

The Italian Government has introduced strong incentives, up to 85% of costs incurred in relation to seismic safety and upgrading the energy efficiency of buildings in Italy. The incentives are granted in the form of tax credits (referred to respectively as Sismabonus and Ecobonus) that can be claimed on a fixed basis over 5 years for the Sismabonus, and over 10 years for the Ecobonus and for Ecobonus+Sismabonus.

To facilitate the procurement of financial resources, the law provides that:• All companies, with some limited exceptions*, may purchase tax credits with a

discount (negotiatable), taking into account the payback period of 5 or 10 years respectively, and the requirement for an adequate return on investment.

• Tax credits can be offset against taxes due on a fixed basis over 5 years for the Sismabonus and over 10 years for the Ecobonus and for Ecobonus+Sismabonus, disregarding the annual threshold of €700.000 normally provided for by the law.

* It is not permitted to sell tax credits to credit institutions, financial intermediaries and public administrations (according to Legislative Decree number 165 dated 30 March 2001). As regards the Ecobonus only, credit institutions and financial intermediaries may purchase this tax credit when sold by persons who fall within the so-called “no tax area” during the year preceding that in which the costs for upgrading energy efficiency are incurred.

10%sconto

The process Example: Sismabonus 85%

Apartments block

Third party purchaser

Tax Authorities

2018

2019

15% Payment

85%TOTAL

17% 2019

17% 2020

17% 2021

17% 2022

17% 2023

=

85% Credit transfer

Payment of the“standard bid-price”(i.e. equal to 85% less discount and changes)

Utilisation of credit in 5 years

85% credit transfer certified by Deloitte

Offsetting of tax credits

Construction company

Cash flowTax credits flows

The process Example: Ecobonus 75%

2018

2019

25% Payment

75%TOTAL

=

75% Credit transfer

75% credit transfer certified by Deloitte

7,5% 2019

7,5% 2021

7,5% 2020

7,5% 2022

7,5% 2024

7,5% 2026

7,5% 2028

7,5% 2023

7,5% 2025

7,5% 2027

Cash flowTax credits flows

Apartments block

Third party purchaser

Tax Authorities

Payment of the“standard bid-price”(i.e. equal to 75% less discount and changes)

Construction company

Offsetting of tax creditsUse of credit in 10 years

The processExample: Ecobonus + Sismabonus 80%

Apartments block

Third party purchaser

Tax Authorities

2018

2019

20% Payment

80%TOTALE

=

80% Credit transfer

Use of credit in 10 yearsOffsetting of tax credits

8% 2019

8% 2021

8% 2020

8% 2022

8% 2024

8% 2026

8% 2028

8% 2023

8% 2025

8% 2027

Cash flowTax credits flows

Construction company

Payment of the“standard bid-price”(i.e. equal to 80% less discount and changes)

80% credit transfer certified by Deloitte

Purchasable tax credits

Deloitte implements the Platform together with ANCE, the Italian National Association of Construction Companies, which represents the Italian construction industry through a network composed of 102 local associations and 20 regional organizations.The Platform aims to facilitate interactions between owners of Sismabonus and Ecobonus tax credits and potential third party investors within a secureenvironment, where all the steps of the process are verified in advance – from a legal and tax perspective – in full compliance with the guidelines of the Italian Tax Authorities.In particular, the Platform assists companies with all the steps involved in the acquisition of tax credits, which are in turn subject to analysis, verification and certification in order to ensure a risk-free investment. The process ends with the inclusion of the tax credit in the tax repository of the purchaser (the so-called “cassetto fiscale”), which as a result can then start to use the credit to offset taxes due.

Max expenditure for each property % tax credits Use of credit

Ecobonus € 40.000 70% -75% 10 years

Sismabonus € 96.000 80% - 85% 5 years

Ecobonus + Sismabonus € 136.000 80% - 85% 10 years

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member fi rms, and their related entities. DTTL and each of its member fi rms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member fi rms.

© 2018 Studio Tributario e Societario

TO LEARN MORE

For further information about Sismabonus | sismabonus@deloitte.itEcobonus | ecobonus@deloitte.itEcobonus + sismabonus | ecosisma@deloitte.itSale of tax credits (VAT, CIT, etc) | taxcredit@deloitte.it

www.deloitte.com/sismabonus

www.deloitte.com/ecobonus

Visit the Deloitte ANCE Platform to discover the services off ered and to monitor the performance of your investment