to download Telecom Italia Annual Report 2011 - Company Reporting

Note 9 – Income taxes
Current income tax receivables
Current income tax receivables amount to 329 thousand euros at December 31, 2011
(226 thousand euros at December 31, 2010).
Deferred tax assets and deferred tax liabilities
The net balance is composed as follows:
(thousands of euros) 12/31/2011 12/31/2010
Deferred tax assets 882,105 918,071
Deferred tax liabilities (800) (1,190)
Total 881,305 916,881
Since the presentation of deferred tax assets and liabilities in the financial statements takes account of
offsets to the extent that such offsets are legally enforceable, the composition of the gross amounts is
presented below:
(thousands of euros) 12/31/2011 12/31/2010
Deferred tax assets 991,264 1,018,058
Deferred tax liabilities (109,959) (101,177)
Total 881,305 916,881
Upon presentation of the tax return for the year 2008, the company took advantage of the possibility of
realigning the differences between the IAS financial statements associated with transactions that fall
under the “derivation regime” and the tax amounts at January 1, 2009, pursuant to Legislative Decree
185 of November 29, 2008; this realignment - which involves the reabsorption of the relative net
deductible temporary differences in equal amounts over five years from 2009 to 2013 – will result in an
absorption of net deferred tax assets of approximately 60 million euros per year. At December 31, 2011,
the related unused tax credit was 129 million euros (193 million euros at December 31, 2010).
Telecom Italia S.p.A. Separate Financial Statements Note 9 – Income taxes 342