1 INCLUSION THROUGH ENTREPRENEURSHIP (ITE) FISCAL CONCESSIONS AND PUBLIC/PRIVATE FUNDING FOR SOCIAL ENTERPRISE CREATION AND MANAGEMENT Speaker Dott. Alfonso Santaniello
2 ETHICAL FINANCE THE PRINCIPLES Credit in all its forms is a human right Profit should be a consequence of activities based on the common good and should be equally distributed among people who participate in producing it; Maximum transparency in all operations is a founding requisite of ethical finance; Participation in the choice of company, not only by members, but also by investors
3 ETHICAL FINANCE CHARACTERISTICS 1/3 What qualifies ethical finance is the real cultural value associated to the capacity to give a real impulse to the economic growth of social enterprises. It proposes itself as a real alternative approach to the idea of finance, without renouncing the basic mechanisms but reformulating the reference values (the person and not capital, the idea and not the patrimony).
4 ETHICAL FINANCE CHARACTERISTICS 2/3 As well as risk and return, ethical finance pays attention to the reflection that the financial activity has on the so-called real economy, changing, in a more social sense, the same financial behaviour and above all, placing as an objective of funding all those activities that move in light of development which is humanly and ecologically sustainable.
5 ETHICAL FINANCE CHARACTERISTICS 3/3 Ethical finance is that series of tools to gather and use funds that respect the following requisites: An interest rate which is disconnected from the market: the investor has the possibility to define the rate to apply to his/her own savings choosing between a maximum set by the bank and zero; transparent management of collection of savings and uses: one gives the investor the possibility to know the functioning of the structure that manages the savings and the destination of each individual fund; a policy of use aiming to valorise people.
6 ETHICAL FINANCE DIFFERENT TYPES OF ETHICAL INVESTMENTS Those that propose to have an altruistic aspect as regards renouncing profit: bonds, term savings deposits, interest bearing bonds and deposit certificates; Those characterised by the sacrifice regarding the effective progress of the management of the saving collected; Those that have as an objective that of discouraging the fulfilment of non ethical activities.
7 ETHICAL FINANCE ETHICAL FINANCE IN ITALY (1/2) Ethical investment does not mean the donation from a part of the interests to beneficiary associations, but a loan that, even if bearing risk in mind, places the entire capital at the disposal of project in which the reference value is reflected. Ethical finance shows the passage of donations (or similar acts of generosity) to other financing hypotheses, ascribable to specialised financial credit intermediaries. It is also important to highlight that, even if the level of ethical finance represents a wider reality, that can concern both the non profit sector and the for profit sector, in Italy ethical or alternative finance and third sector financing are expressions that are perceived as strictly correlated.
8 ETHICAL FINANCE ETHICAL FINANCE IN ITALY (2/2) The ambiguity of the concept is mainly due to social, legislative and economic diversity in different countries, where numerous and different experiences to those of common ethical investment funds, foundations, banks or ethical merchant banks are considered to be part of ethical finance. There are also different types of ethical financial or alternative intermediaries in different countries: Not for profit associations and foundations Cooperative Societies Social economy investment societies Banks and alternative credit institutions For the greater part, all of these structures are united in the International Association of Investors in the Social Economy (INAISE), an association that groups the most significant experience of alternative credit with 43 members in 18 different countries.
9 ETHICAL FINANCE FUNDING FOR NOT FOR PROFIT COMPANIES On the one hand, the income deriving from opportunities, concessions and funding foreseen from normative sources such as regional laws, sector laws (e.g.: laws on the voluntary service) or funding foreseen by Community laws, and on the other, income deriving from acts of private law that is to say contributions from supporters, donations, acquisitions, leasing, production activities and sale of goods and services. The income of the second type and in particular of contributions from individuals constitute the main source of funding for the third sector. Aside from public funding, thus, a more articulated network of possibilities and potential has grown that invest the global structure of funding sources for not for profit organisations.
10 ETHICAL FINANCE FUNDING FOR NOT FOR PROFIT COMPANIES : CRITICIAL ASPECTS If we closely analyse the sustainability of not for profit companies, the evident financial tension of the same is evident: the difficulty of the third sector to maintain constant in time, funding sources and to multiply the number and type of financial interlocutors is undeniable.
11 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS 1/5 The technique currently used to collect funds (mailing, door to door, sponsorship, unsecured patronage) seem to have reached a degree of increasing obsolescence. In medium sized and large not for profit organisations, there is the vocational profile of fund raiser, characterised by all the opportunities offered by law and by a strong capacity to collect funds from public and private subjects exploiting in the best possible way possibilities offered by marketing.
12 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS 2/5 In the graph there is a list of the most noted offers of ethical products, divided according to the major or minor specialisation of intervention of the offering intermediary
13 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS 3/5 Non specialised intermediaries, or rather intermediaries who decide to introduce among the products and services they offer, some other options of an ethical nature, justified in various ways from this point of view and motivated in different ways. The activity undertaken in the funding for the not for profit sector by the non specialist intermediaries has been defined as a form of "channelling of donations" or rather an alternative way to increase the contribution in favour of different beneficiary initiatives; Specialist Intermediaries, or rather intermediaries that are constituted with the aim of funding not for profit organisations. They can be considered financial intermediaries such as COSIS, and credit intermediaries such as Banca Etica and Mag;
14 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS 4/5 Other intermediaries, Whose action towards the not for profit world, is at the moment being defined. Among these are Banking Foundations. The growth of these banking foundations is an extremely interesting element for the prospective of the not for profit world in Italy. Nevertheless, the physiognomy and the role of foundations, even in the presence of Law n. 461 of 23rd December 1998, still seems uncertain, given the lack of a general and clear framework of the social economy in our country.
15 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS 5/5 Instead of looking at the offer of financial resources to use "ethically" there is a notable diversity of positions. On the one extreme, there are people ready to simply donate part of their active interest matured in current accounts or investment funds to well-known not for profit companies; at the other extreme there are individuals who have decided to accept a lower wage in exchange, for both the guarantee that this is reflected in concessionary interest rates offered to not for profit companies, and greater operative transparency for the intermediary.
16 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS : DIFFICULTIES FOR INTERMEDIARIES 1/2 The need to predispose tools to collect from the lowest nominal or effective rate but from the most contained management conditions; in order to attract the investor however, it is important that the latter does not conceive the product simply as a new marketing tool but the financial effort must be perceivable, or even only the organisational one, that the intermediary supports together with his/her own client.
17 ETHICAL FINANCE TECHNIQUES CURRENTLY USED TO COLLECT FUNDS : DIFFICULTIES FOR INTERMEDIARIES 2/2 Successively one should identify a studied ad hoc procedure to evaluate not for profit organisations with which one wants to have funding relationships. Practically, it is necessary to review the indices and parameters of evaluation generally adopted for not for profit companies, seeking to adapt them to these new realities, as well as identifying new ones created on the basis of specific characteristics of each type of not for profit organisations with which one has relationships.
18 THE BANK AND ETHICAL FINANCE SUPPORT OF BANKS TO THE NOT FOR PROFIT WORLD Banks support with credit activity tools, in particular via not for profit organisations, human, social and economic activities for the weaker groups of the population in most disadvantaged areas. Making the investor responsible for knowing the destination and the method of use of his/her money stimulates the credit beneficiary to develop its autonomous and entrepreneurial capacity with project responsibility.
19 FINANCIAL ENGINEERING Financial Institutions are dedicating a lot of attention to develop new financial engineering tools peculiar to the social economy, via the offer of innovative assistance services from these points of view: financial economic entrepreneurial and social development
20 INNOVATIVE TOOLS The innovativeness of Ethical Banking tools is manifested in terms of: Physical proximity to enterprises via the profile of banker pedlar ready to undertake financial operations at home or where physically needed Common interests with the enterprises and with the territorial system via the profile of company consultant.
21 FISCAL CONCESSIONS TO SOCIAL ENTERPRISES (1/2) Partial or total non taxability of profits destined to indivisible funds and profits returned to members in the form of refunds or wage integrations IRES concessions IRES for social, agricultural and productionwork cooperatives. Deductibility of refunds given to members also via the increase of quotas of social capital previously undersigned. segue
22 FISCAL CONCESSIONS TO SOCIAL ENTERPRISES(2/2) Exemption of direct taxes on profit destined within certain limits to the revaluation of the capital quotas previously undersigned and paid by members, specific concessions for social cooperatives as regards VAT, stamp duty, governmental tax concessions, IRAP concessions for members who bring money funding to the cooperative, to fulfil a mission, in the limits foreseen by the current law.
23 BRIEF PANORAMA OF LEGISLATION ON SOCIAL ENTERPRISES IN ITALY - Law 381/1991 (Distinction of social cooperatives) Type A Cooperative (social medical and educational services) Type B Cooperative (employment insertion of disadvantaged people) Type C Cooperative with mixed object (both types of activities cited) Social Consortia (consortia whose social basis is formed by social cooperatives- less than 70%) - Law 31 January 1992 n. 59 New norms concerning cooperative societies: Obligation to return 3% of cooperative society profits to mutualistic funds - Decree Law n. 460/97 Constitutive Law on ONLUS
24 LEGISLATION ON SOCIAL ENTERPRISES IN ITALY (concessions) Law 448/98 - art. 51 Concessions for social cooperatives Finances new social cooperatives in industrial, agricultural, handicraft and services to enterprises sectors Offers financial support and tutoring to already existing social cooperatives that present projects to consolidate and develop their own activities.
25 LEGISLATION ON SOCIAL ENTERPRISES IN ITALY (concessions) Decree 185/2000 Title I (incentives in favour for self employment): Beneficiaries: New social, or already existing social cooperatives, characterised by: - Presence of disadvantaged groups - Not disadvantaged components in a majority of number and capital of young people between 18 and 35 years of age - Residents in Objective 1 and 2 Regions of Structural Funds, in so called phasing out areas (those admitted to a transitory regime), and more generically in areas that present a notable imbalance between supply and demand of labour, as identified by the Ministry of Labour. Cooperatives that operate in medical and educational sectors are excluded
26 LEGISLATION ON SOCIAL ENTERPRISES IN ITALY (concessions) - Initiatives admissible: Production of goods in agriculture Supply of services to enterprises - Initiatives excluded: Services to people and public administrations Socio-medical activities Commercial and tourism activities
27 LEGISLATION ON SOCIAL ENTERPRISES IN ITALY (concessions) - FINANCING FOR INVESTMENT Contributions without security Prime rate mortgage (in Objective 1 regions up to 80-90% of the investment; in the centre north up to 60-70% of investment) - FINANCING FOR MANAGEMENT (not foreseen for agricultural sector) Contributions without security in the respect of the de minimis threshold equal to ,00 to cover management costs for first three years - FINANCING FOR TECHNICAL TRAINING AND/OR ASSISTANCE Contributions without security in the respect of the de minimis threshold to cover training and technical assistance costs
28 LEGISLATION ON SOCIAL ENTERPRISES IN ITALY (concessions) FERTILITY PROGRAMME Programme to support social enterprises undertaken by SVILUPPO ITALIA in collaboration with the Welfare Ministry - Territorial coverage: national territory - Beneficiaries: Social cooperatives and their consortia - Objective: Offer real accompaniment services to set up new entrepreneurial not for profit initiatives - Financial concessions: Contributions equal to double the social capital undersigned and paid up to a max ,00, to face investment and employment contributions on general costs up to a max of ,00 in 3 years, contribution for guidance, training and tutoring activities up to a max ,00
29 Public and private subsidies for social enterprise creation and management Data from projects presented 160 companies funded 1228 new jobs (of which 696 disadvantaged workers) Euros of investment Euros of public funds used Euros of social capital Euros of turnover in To conclude, here are two indicators: 100% of survival of companies financed, after at least three years of creation 42 new jobs for a million Euros of public funds used
30 Public and private subsidies for social enterprise creation and management The initiatives funded are distributed at national level as follows: Abruzzo:1 Marche: 9 Basilicata:1 Molise: 2 Calabria:13 Piedmont:5 Campania:18 Puglia:21 Emilia Romagna:5 Sardinia: 6 Friuli Venezia Giulia:1 Sicily: 17 Lazio:16 Tuscaya:14 Lombardia:16 Umbria:8 Liguria:4 Veneto:3
31 Public and private subsidies for social enterprise creation and management Enterprises sustained by Fertility operate in different fields of activity, among which: support to minors and families, differentiated waste collection, housing for the disabled, crèches, environmental collection, canteen services, information centres for old people, micro-crèches, psycho-social re-educational assistance
32 LEGISLATION FOR SOCIAL ENTERPRISES IN ITALY (concessions) Law 59/92: dispositions in favour of cooperatives and social cooperatives. At the Ministry of Labour there is a Fund to promote new cooperative and social societies, fed by 3% of annual profits of all Italian cooperatives not members of category associations, created to fund projects that promote and develop cooperation. Each year there is a call for proposals published. It is advisable to request information from the General management of cooperation in the Labour Ministry. The sum funded is not defined, but varies from year to year (In1998, it was 300 million). Initiatives to promote self employment and entrepreneurship have also been promoted at regional and local level.
33 LEGISLATION FOR SOCIAL ENTERPRISES IN ITALY (concessions) Convicts. Law. 193/2000. Law passed to favour working activities of convicts. The convicts admitted to alternative measures of detention and to external work are considered disadvantaged groups. This is an important law for social cooperatives that are involved in helping disadvantaged groups back into employment: fiscal concessions are foreseen for these companies that take on convicts and for whom they provide training.
34 FUNDING SOURCES FOR THIRD SECTOR 3.1 Public funding The most important Public funding is national and community. Among national funding sources, there are: - Funds for volunteer service on basis of article 15 of law 266/91 on the volunteer service; - National funding for volunteers working on civil protection, granted by the Department of civil protection of the Presidency of the Council of Ministers; - National fund for infancy and adolescence, on basis of Law n.285/97.
35 SOCIETIES THAT SUPPORT SOCIAL ENTERPRISES COSIS S.p.A. Compagnia di sviluppo delle imprese sociali is a not for profit S.p.A, founded in 1985 from collaboration by the Ente Cassa di risparmio di Roma (Rome savings bank) and various subjects from social economy with the aim of supporting social initiatives for the development of employment and provides social enterprises with technical and financial assistance. Operates as a development funding house and as well as funding medium-long term it makes real capital investment in projects of social enterprise that are able to reach good levels of self financing such as to allow the payment of capital invested. Furthermore it gives not for profit enterprises the managerial capacity, entrepreneurial experience and know how of most significant realities in the Italian profit world.
36 SOCIETIES THAT SUPPORT SOCIAL ENTERPRISES BANCA ETICA has been operating since 1999, with the objective of supporting the not for profit world and the social economy. It funds social cooperation, international cooperation, environmental protection, civil society, exercising normal banking activities via traditional banking tools. The characteristics of Banca Etica products are: Participation of client in choice of investment: from the act of deposit, the client can choose in which sector he/she wants his/her savings to go: Own choice of rate: the client can choose own rate, accepting a payment of the deposits at an inferior rate to that generally offered by the institute. Possibility to invest savings in so called Responsible values, or rather in funds that invest exclusively in enterprise, supranational organisms and states operating in the social sector.
37 SOCIETIES THAT SUPPORT SOCIAL ENTERPRISES BANKING FOUNDATIONS that fund projects of social utility in the field of scientific research, education, art, protection of cultural and environmental heritage, health, assistance to socially disadvantaged groups.
38 BANCA POPOLARE DELL EMILIA ROMAGNA AND THE SOCIAL WORLD (1/5) Banca popolare dell'emilia Romagna, from its origin, has placed credit and finance at the services of the economy and people. Support to the social economy and voluntary services are part of the Bank s patrimony of values, that has maintained its cooperative from a strong territorial network. segue
39 BANCA POPOLARE DELL EMILIA ROMAGNA AND THE SOCIAL WORLD (2/5) Current accounts for the third sector Bper, has studied a series of current accounts with concessionary rates for companies working in the third sector: onlus and similar, non commercial entities, staff of not for profit companies. Onlus and similar The account foresees the exemption of stamp duty on bank statements and banking contracts. The following can open this account: ONLUS; Voluntary Associations; Social Cooperatives, NGOs. Non commercial entities Cultural Associations, sports and recreational associations can access these Staff of not for profit companies Social Cooperatives after having presented suitable documentation can access these segue
40 BANCA POPOLARE DELL EMILIA ROMAGNA AND THE SOCIAL WORLD (3/5) Ethical prepaid cards BPER together with Emergency, Telefono Azzurro, WWF, Rock No War and the Missionary Cooperation Centre of the Cappuccini Brothers, hasa series of cards in partnership. The bank pays the associations a high quota of the price of each card. For each transaction (withdrawal or deposit) made with an ethical card, BPER gives the partner association a sum of money. In this way the more you use the card the more you sustain the company. segue
41 BANCA POPOLARE DELL EMILIA ROMAGNA AND THE SOCIAL WORLD (4/5) Banca Etica and Banca popolare dell'emilia Romagna Bper, always involved in funding at the service of the economy and social promotion, was among the first credit Institutes to sustain (as a member and as a partner) Banca Etica, since Thanks to the agreement of commercial partnership with Banca Etica, at Bper counters it is possible to undersign Banca Etica shares, deposit certificates, bonds and common investment funds. Banca Etica Common Funds - Etica Sgr Bper distributes ethical common investment funds of Etica Sgr, the savings management company of Banca Etica. The funds respond to the most severe investment evaluation criteria. Ethcial quality is certified by Ethibel, an independent company specialised in the ethical selection of state and company bonds. segue
42 BANCA POPOLARE DELL EMILIA ROMAGNA AND THE SOCIAL WORLD (5/5) Not for profit on the Bper site offers to beneficiary companies Bper offers this space to all the Not for Profit companies that are clients of the Bank that undertake "fund raising", or rather gather funds for initiatives of a humanitarian, social nature etc. The insertion is completely free, after analysis of requisites of the company by the Bank. The objective is that of publicising the initiative to as wide as possible a potentially interested public. Do good free of charge! This is a programme, in collaboration with UNO, where each person can do good in a simple and free way: all you need to do is go to this site (http://thehungersite.com) and click on the button donate free food"; "banners" of videos will appear that is sponsors publicity. For the simple fact that each person clicks on the button "donate free food", the sponsors will automatically pay the money needed to feed a person suffering form hunger in the world today.
INCLUSION THROUGH ENTREPRENEURSHIP (ITE) NEW VOCATIONAL PROFILES, THE COMPETENCES OF A MANAGER/ENTREPRENEUR, FUNDING FORMS FOR SOCIAL ENTERPRISES Speaker Dott. Alfonso Santaniello NEW VOCATIONAL PROFILES
FAO: T wh it ay ccer VIA E MAIL Circular Letter n. 1/ Deadlines timesheet Milan, 07/01/ We are sending you the deadline timesheet for the tax fulfilments for. The deadlines indicated in the chart below
Fiscal federalism in Italy at a glance Distribution of fiscal revenues (2006) Local Governments 7% Distribution of public expenditure (2006) Local Governments 19% Regions 24% State 53% Source: Region of
Data as of 30 June 2015 5,000,000,000 Covered Bond Programme Please note being this report as of June 2015, 30 it does not include: - the V Series new issuance (Eur 750ml, IT0005120198), effective from
Executive Summary Traineeships Regulation in Italy after the Fornero Labour Market Reform www.bollettinoadapt.it Internships in Italy have new rules since the 2012 Fornero labour market reform that changed
Data as of 30 June 2016 5,000,000,000 Covered Bond Programme Please note being this report as of June 2015, 30 it does not include the new portfolio sale signed on July 2016, 27. The new portfolio sale
PRESENTATION ITALIAN PRISON SYSTEM Italia, LPPS 11-14 November 2010 The bodies ORGANIZATION CHART OF PRISON SYSTEM MINISTRY OF JUSTICE (1) DEPARTMENT OF PRISON SYSTEM ADMINISTRATION (1) REGIONAL DEPARTMENTS
A Single Market for Lawyers Challenges and Solutions in Cross Border Insurance Italian Experience (speaker: Igor Corossi) Brussels, 28 October 2013 Italian Market Overview Being a Regulated Profession,
BORGHI SRL Iniziative Sviluppo Locale Company Profile Incorporated in July 2008, BORGHI Ltd pursues the promotion of real estate and tourism development projects in borghi, historical towns and minor historical
Small Business Finance Survey ABSTRACT Volume 8 DECEMBER 2006 INDEX Overview The small business financial/economic and credit risk Regional Analysis Sectorial Analysis Methodological Index Regional Outlines
Italian Youth Guarantee Implementation Plan 1 The context 1.1 The European context EU Council Recommendation of 22 April 2013 on establishing a Youth Guarantee (henceforth Guarantee ) invites Member States
Page 1 PART III: HORIZONTAL RULES Criteria for the analysis of the compatibility of state aid for training subject to individual notification 1 1 Introduction (1) Training usually has positive external
Youth Entrepreneurship in Italy. An Overview from Isfol Paper for OECD Study Visit in Rome (ISFOL, 2.10.2014) Authors/Members of ISFOL Delegation: Antonello SCIALDONE, Social Innovation Project Maria DI
THE ITALIAN POLICY FOR INNOVATIVE ENTREPRENEURSHIP PAOLO CARNAZZA GENERAL DIRECTORATE FOR INDUSTRIAL POLICY, COMPETITIVENESS AND SMES ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT WHY HIGH-TECH STARTUPS ARE
Tourism The current information system on tourism statistics produced by ISTAT relies on several sources that analyse the phenomenon from the point of view of both demand and supply. The oldest sources
Executive summary of the new Italian legislation on start-ups 29 th January 2014 Italian Ministry of Economic Development Minister s Technical Secretariat The steps Italy has taken in order to become the
INFORMATION SHEET CURRENT ACCOUNT Where the holder of this account is a consumer, that is a private individual, the Client is informed that this account is suitable for those who intend to carry out very
FOSTER CARE IN ITALY: POLICY, STRUCTURE & RESEARCH 3rd International Network Conference Foster Care Research Rorschach, 21-23 September 2009 Cinzia Canali and Tiziano Vecchiato Fondazione Emanuela Zancan,
ECEC & ELL Conference Reggio Emilia, 16-18 December 2014 Italian ECEC model Pre-school Spring Groups Mariarosa Silvestro Letizia Cinganotto The Italian school system: overview ECEC in Italy 0 3 years 3
4 th Q. 2008 Highlights The factoring market and group positioning Strategies Consolidated financial and economic data Attachments The Credit Crunch : impact on Banca IFIS s activity The consequences for
Sviluppo Italia incubators network Regional companies coordination Incubators network development/information network BUSINESS INCUBATORS The business incubator is a territorial development tool designed
Telecom Italia Portfolio Beni Stabili Investor Day Milan, June 6 th 2012 Core Office Portfolio / Beni Stabili Investor Day / Milan, June 6 th 2012 ALEXANDRE ASTIER Business Development & Telecom Italia
BUILDING CERTIFICATION SYSTEM ACCORDING TO SUSTAINABLE BUILDING TOOL: ITALIAN EXPERIENCE Giuseppe PICCOLI Dr.Eng. 1 1 iisbe Italy, Turin, Italy, firstname.lastname@example.org Keywords: Sustainable Building
Executive Summary of the new Italian legislation on innovative startups 20 th October 2014 Italian Ministry of Economic Development Minister s Technical Secretariat A new industrial policy for economic
ASSOFIN - CRIF DECISION SOLUTIONS GFK EURISKO CREDIT CARD SURVEY September 2006 CONTENTS PRESENTATION OF THE SURVEY... page 1 EXECUTIVE SUMMARY... 5 Chapter 1 STATE AND EVOLUTION OF THE MARKET... 11 1.1
February 213 Monitor of Bankruptcies, Insolvency Proceedings and Business Closures FourthQuarter 212 Total number of business closures breaks the 1k mark in 212 The most bankruptcies in over a decade Summary
ECONOMIC STIMULUS PLAN AND SUPPORT FOR THE ENTREPRENEUR «The Government is going to undertake a second generation of reforms that will be useful and, once again, create growth and employment» 20 February
7th Article of the Council Directive 90/314/EEC on package travel, package holidays and package tours declares that the organizer and/or retailer party to the contract shall provide sufficient evidence
FRANCHISING IN ITALY IN 2000 Franchising in Italy from 1971 until the eve of the new Millennium Franchising in Italy was born in 1971 when the Italian Franchising Association (Associazione Italiana del
NATI PER LEGGERE Nati per leggere: A national programme to enhance literacy and health in small children through reading aloud Raising a Nation of Readers: IFLA Satellite Meeting Roma, 19 August 2009 Giovanna
Interreg V B Adriatic- Ionian Programme ADRION 2014-2020 Call announcement 1. Introduction The Interreg V-b Adriatic-Ionian Programme 2014-2020 (hereinafter ADRION), set up in the framework of the European
Sustainability Abstract Sustainability Abstract Key corporate social responsibility indicators for Banca Etruria Banca Etruria has always operated with a socially responsible culture in the communities
Emilia Romagna Factor SpA Shareholders BPER Group What is factoring With recourse factoring Without recourse factoring Export factoring Maturity factoring Advantages for the company Contacts Emil-Ro Factor
TAX INCENTIVES STATUTE Article 33º * Madeira and Santa Maria free trade zones 1- (Revoked by Law 64-B/2011, of the 30 th of December) 2- (Revoked by Law 64-B/2011, of the 30 th of December) 3- (Revoked
TTN CONFERENCE ROME 2013 Taxation of Italian Securitizations Giovanni Leoni Orrick Herrington & Sutcliffe, Milan, Italy email@example.com 1 SUMMARY 1. STRUCTURE OF A SECURITIZATION TRANSACTION IN ITALY.
LAW ON MANDATORY SOCIAL SECURITY INSURANCE CONTRIBUTIONS (the Official Gazette no. 84/04, 61/05, 62/06 and 5 / 09) Revised text ended with the Amendments from the Official Gazette of the Republic of Serbia
INFORMATION SHEET FACTORING OPERATIONS WITHOUT RECOURSE DETAILS OF THE FACTORING COMPANY UBI FACTOR S.P.A. Company with sole shareholder UBI BANCA S.C.P.A. Registered offices Via Fratelli Gabba, 1 20121
INFORMATION SHEET FACTORING OPERATIONS WITH RECOURSE DETAILS OF THE FACTORING COMPANY UBI FACTOR S.P.A. Company with sole shareholder UBI BANCA S.C.P.A. Registered offices Via Fratelli Gabba, 1 20121 MILAN
Facts&figures of pharmaceutical industry in Italy June 2016 Key figures of pharma sector in Italy (% on total), member of Farmindustria, representing 90% of industrial value of pharmaceutical sector in
REPORT TO THE PARLIAMENT ON THE MANAGEMENT OF THE GOVERNMENT BOND SINKING FUND (IN COMPLIANCE WITH ART. 2, SUB-SECTION 3, OF LAW NO. 432 OF 27 OCTOBER 1993) During 2003 the Ministry of Economy and Finance,
A map of social enterprises and their eco-systems in Europe Country Report: Italy European Commission This report provides a non-exhaustive overview of the social enterprise landscape in Italy based on
BANCA POPOLARE ETICA The highest interest is everybody's interest Ramallah,4.11.2015 CONTENTS Banca popolare Etica Banca Etica past and present A different bank Figures Banca Etica's network International
CONTRIBUTION FROM THE ITALIAN FACTORING INDUSTRY TO THE CEBS QUESTIONNAIRE ON THE SURVEY OF MARKET PRACTICES ON LARGE EXPOSURES June 2006 Introduction This document presents the views of the Italian factoring
presentazionenew_eng:layout 1 16/04/2015 20:09 Page 1 VISTA Parliamentary TV Agency Rome / Brussels presentazionenew_eng:layout 1 16/04/2015 20:09 Page 2 Corriere della Sera Yahoo Il Messaggero La Stampa
Social Report 2003 In 2003 we saw the emergence in our country of situations which have their roots in the weakness or absence of moral principles on the part of some business men and managers. We have
Carige s project: history and results The The 2005-2007 Business Plan Plan The adoption of IAS and 1H 2005 results Carige share performance -1- Future evolution Independence through growth 1990-1998 1999-2003
Zadar,, October 24th 2013 Confederazione Italiana Campeggiatori promoting plein air tourism Italy 1932: The tourism is born outside thanks to the intuition of Luigi Bergera, co founder of the FICC (1932)
Eurocrea was established in 1988 aiming at providing SMEs with consulting and other services related to Subsidized Credit. Since then it has always played a leading role in this sector which had not been
World Tourism Organization RECOMMENDATIONS TO GOVERNMENTS FOR SUPPORTING AND/OR ESTABLISHING NATIONAL CERTIFICATION SYSTEMS FOR SUSTAINABLE TOURISM Introduction Certification systems for sustainable tourism
The state of the art: an introduction to the economy of social economy in Italy Paolo Brusa Index: 1. State of art: a brief introduction about social economy in Italy 1.1 definition 1.2 the heritage and
NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235
UNOFFICIAL TRANSLATION Explanatory Memorandum Article 1, paragraphs 491 to 500, of Law No 228 of 24 December 2012, hereinafter referred to the Law, has introduced a tax on financial transactions applying
Italian corporate income tax for foreign investors 05 October 15 Corporate income tax Italian corporate income tax (imposta sul reddito delle società, or IRES) is due by resident companies on their worldwide
February 19, 2016 Demographic indicators Estimates for the year 2015 In 2015 the resident population decreased by 2.3 per thousand inhabitants. The reduction corresponds to 139,000 units less, resulting
Version 02 Information statement under Article 15 of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on the transparency of securities financing transactions,
Co-operative Banking in Trentino and in Italy Trento, October 13 th 2009 Dott. Vincenzo Visetti Chief of Secretary TRENTINO FEDERATION OF CO-OPERATIVES Co-operative Banks System of autonomous banks Local
THE ITALIAN STARTUP AGENDA POLICIES AND STRATEGIES FOR STARTUPS STEFANO FIRPO ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT, HEAD OF THE MINISTER S TECHNICAL SECRETARIAT LAST UPDATE: 10 FEBRUARY 2015 #RESTARTITALIA
Belgium in international tax planning Presented by Bernard Peeters and Mieke Van Zandweghe, tax division at Tiberghien Belgium has improved its tax climate considerably in recent years. This may be illustrated
BUSINESS ARCHITECTURE (BA) BA redesign Deliverable structure Illustration of key sections Pavia Nov 2013 Structure of the KPI assignment for the case A day in Radiology The blocks represent the sections
SAVING PLANS 1 Table of contents 1. General... 3 2. Accumulation in savings plans...5 Table G-1: Accumulation in all savings plans in the years 1997-...5 Table G-2: Accumulation in all savings plans classified
The Decree of the President of Ukraine, #622/2011 On the Concept of State Migration Policy With a purpose of creation of proper conditions for realization of state policy in the sphere of migration I hereby
Final Terms dated 20th October 2010 DEXIA CREDIOP S.p.A. ISSUE OF EUR 250,000,000 SERIE SPECIALE N. 2 TASSO FISSO 4,25% TRASFORMABILE 2010-2018 UNDER THE 8,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME PART
REGULATIONS CONCERNING PH.D. RESEARCH PROGRAMMES Approved by the Executive Commission of the University Board of Governors with Decree no. 99 on 22 October 2003 Amendments approved by the Executive Commission
REPORT TO THE PARLIAMENT ON THE MANAGEMENT OF THE GOVERNMENT BOND SINKING FUND IN COMPLIANCE WITH ART. 2, SUB-SECTION 3, OF LAW NO. 432 OF OCTOBER 27, 1993 The adaptation of Bond Sinking Fund administrative
Italy Start-up Visa The Italian Government s policy for attracting innovative foreign entrepreneurs GUIDELINES Ministry of Economic Development Ministry of Foreign Affairs Ministry of Home Affairs Ministry
DTEK Corporate Social Responsibility (CSR) Policy DTEK Corporate Social Responsibility (CSR) Policy approved by the order of the Chief Executive Officer of DTEK on 26.12.2008 Structure i. Objectives and
Tax incentives for individual investors (business angels) Law no. 120/2015 regarding the inducement for individual investors business angels, published in the Official Gazette no. 382 of 2 June 2015 The
EUROPASS DIPLOMA SUPPLEMENT TITLE OF THE DIPLOMA (ES) Técnico Superior en Integración Social TRANSLATED TITLE OF THE DIPLOMA (EN) (1) Higher Technician in Social Integration ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Recommendations about useful and useless regulations and strategies concerning employment of VIP BULGARY FRANCE GERMANY ITALY GUIDELINES REPORT Useful Regulations BULGARIA There are funding programs: for
POLITECNICO DI TORINO LEVEL III TEACHING UNIT RESEARCH DOCTORAL PROGRAM REGULATIONS Issued with Rector s Decree no. 253 of 20 July 2006 in effect since 1 August 2006 Art. 1 (Scope) These regulations govern
Mexico Rodolfo Trampe, Jorge Díaz, José Palomar and Carlos López Market overview 1 What kinds of outsourcing take place in your jurisdiction? In Mexico, a subcontracting regime (understood as the regime
WELCOME AND TAKING CHARGE In this preliminary phase, you will be fully informed by the information point that will be indicated to you by your Region the contents and services provided by the Programme
REPUBLIC OF CYPRUS MINISTRY OF LABOUR AND SOCIAL INSURANCE DEPARTMENT FOR SOCIAL INCLUSION OF PERSONS WITH DISABILITIES Postal address: Department for Social Inclusion of Persons with Disabilities 1430
THE MADEIRA INTERNATIONAL BUSINESS CENTRE MADEIRA COMPANY INFORMATION A GENERAL OVERVIEW The Madeira International Business Centre (MIBC) is an established and important international business hub, wholly
Law of Georgia On the Investment Activity Promotion and Guarantees The present law defines the legal bases for realizing both foreign and local investments and their protection guarantees on the territory
BENIAMINO CARAVITA Italy: toward a federal state? Recent constitutional developments in Italy 1. The federal idea in Italian history Italy became a unitary State between 1861 and 1870, assembling under
CORPORATE INCOME TAX CODE (IRPC) As amended by Decree 61/03 of 19 December 1 CHAPTER I Incidence Article 1 Nature of the tax Corporate Income Tax (IRPC) is a direct tax on income obtained during the taxation
2015 STABILITY LAW (FINANCE ACT) Labour and Employment "THOUSAND EXTENSIONS" DECREE FIRST GOVERNMENT REGULATIONS IMPLEMENTING THE JOBS ACT April 22 nd, 2015 Guido Callegari Gaspare Roma Giulietta Minucci
Distr.: General 4 August 2011 ADVANCE UNEDITED VERSION Original: English Committee on the Rights of the Child Fifty-eighth session 19 September 7 October 2011 Written replies by the Government of Italy