(Alliance News) - Civitanavi Systems Spa announced that it has signed a ruling agreement with the Internal Revenue Service that will allow the company to have access to the tax benefit provided for the Patent Box for intellectual property for patents and know-how.

The tax benefit for the five-year period 2017-2021 will be accounted for in the fiscal year 2022 and the quantification will take place when preparing the financial statements.

Introduced by the Italian government with the 2015 Stability Law, the Patent Box is an optional tax regime that allows the exclusion from taxation of a portion of income derived from the use of intellectual works, industrial patents, trademarks, designs and models as well as processes, formulas and information related to legally protectable industrial, commercial or scientific experience.

Civitanavi Systems' stock closed Monday up 1.3 percent at EUR3.50 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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