46. Significant non-recurring events and operations

In 2012 and 2013, with reference to the 2009, 2010 and 2011 tax periods, tax inspections of Piaggio & C S.p.A. were conducted by the Italian Tax Authority, which terminated with the issue in late 2013 of a Formal Notice of Assessment concerning transfer pricing.
After explaining the correct nature of its operations to the Italian Tax Authority the Company decided to benefit from the system of paying lower fines pursuant to Legislative Decree no. 218/1997, to settle its position and avoid tax litigation and therefore considerably lowered the initial requests of the inspectors.
The operation, recognised in 2013 as taxes in the income statement, comes under significant non-recurrent transactions, as defined by Consob Communication DEM/6064293 of 28 July 2006.
For 2012, no significant non-recurrent transactions were recorded.