New agreement signed between the Revenue Office and Credito Valtellinese for "VAT refunds to tax accounts"

Sondrio, 12 January 2005 The Revenue Office and Credito Valtellinese have signed an agreement to allow VAT refunds to be credited in advance to tax accounts, an agreement which enters into the framework of broader pacts between Abi, Confindustria, and the tax authorities to give businesses access to innovative forms of financing.

Through this agreement, businesses will obtain--after an assessment of their credit rating--a financial advance on up to 90% of their credit, a sum to be validated and certified by the Revenue Office, at reduced interest rates.

A further innovation with regard to other forms of financing lies in the fact that this line of credit, as a rule, will be considered an additional line of credit and not a substitute for those already granted under other forms.

Through this mechanism, the business will not lose any degree of financial liquidity in its normal operations, but rather, will be offered new financing in the immediate term, to generate new investments and further growth in the economic fabric of the country.

The upper limit set by Credito Valtellinese will initially amount to 50 million euros, with credit granted on a revolving basis.