UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 2007
TELECOM ITALIA S.p.A.
(Translation of registrant's name into English)
Piazza degli Affari 2
20123 Milan, Italy
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
FORM 20-F [X] FORM 40-F [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
YES [ ] NO [X]
If "Yes" is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): 82- _______
 |
PRESS RELEASE
PRESS REPORTS RELATING TO FISCAL ASPECTS OF THE OLIVETTI-TELECOM MERGER (2003), BLU’S MERGER INTO TIM (2002) AND ALLEGED V.A.T. EVASION BY TELECOM ITALIA SPARKLE
TELECOM: THE COMPANY ACTED WITH THE UTMOST PROPRIETY AND IN FULL RESPECT OF THE LAWS IN FORCE
Milan, 9 November 2007 – With regard to an article published today by weekly magazine “L’Espresso” entitled “Telecom, la maxi evasione” (“Telecom, the maxi evasion”), Telecom Italia firmly states that it acted with the utmost propriety and in full respect of the existing laws.
During a routine inspection, the Guardia di Finanza (fiscal authorities) made observations concerning the fiscal treatment of the devaluation of Telecom Italia shares held by the incorporating company Olivetti (prior to the Olivetti-Telecom merger). In particular, positing the existence, or not, of possible tax evasion. While noting in the first place that these observations will form the basis of a deeper examination by the fiscal offices that deal with verification and which will decide whether to formally contest past behaviour, Telecom Italia states that these observations are groundless. The operation carried out in full transparency, as announced to shareholders and the market at the time, and in full respect of statutory and fiscal rules law, as well as the practices of the Fiscal Agency.
The Company, backed at the time by professional advice of the highest level, is confident that its interpretation of the law was correct and that the proof it will submit to the Financial Administration will definitively resolve the issue.
About one year ago, Telecom Italia also received from the Tax Agency a simple statement (and not a tax audit), formalizing a claim relative to the operation of concentration carried out by Tim with the incorporation of Blu in 2002.
This operation was pre-emptively submitted to the Tax Agency for examination. Following this request the Agency considered the operation fiscally correct, consequently on the basis of trust and good faith the Company proceeded with its action.
The Company, in the event of a tax audit, will proceed via the relevant judicial avenues to obtain the annulment of the eventual notifications.
With regard to the alleged V.A.T. evasions by Telecom Italia Sparkle, Telecom Italia states that no procedure has been launched against the Company.
Telecom Italia
Media Relations
+39.06.3688.2610
www.telecomitalia.it/media
Telecom Italia
Investor Relations
+39.02.8595.4131
www.telecomitalia.it/investor_relation
Cautionary Statement for Purposes of the "Safe Harbor" Provision of the
United States Private Securities Litigation Reform Act of 1995.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements. The Press Release included in this
Form 6-K contains certain forward looking statements and forecasts reflecting
management's current views with respect to certain future events. The ability
of the Telecom Italia Group to achieve its projected results is dependent on
many factors which are outside of management's control. Actual results may
differ materially from those projected or implied in the forward-looking
statements. Such forward-looking information involves risks and uncertainties
that could significantly affect expected results and are based on certain key
assumptions.
The following important factors could cause the Telecom Italia Group's
actual results to differ materially from those projected or implied in any
forward-looking statements:
- the continuing impact of increased competition in a liberalized market,
including competition from global and regional alliances formed by other
telecommunications operators in the core domestic fixed-line and wireless
markets of the Telecom Italia Group;
- the ability of the Telecom Italia Group to introduce new services to
stimulate increased usage to its fixed and wireless networks to offset declines
in its traditional fixed-line business due to the continuing impact of
regulatory required price reductions, market share loss and pricing pressures
generally and shifts in usage pattern;
- the level of demand for telecommunications services, particularly
wireless telecommunication services in the maturing Italian market and for new
higher value added products and services such as broadband;
- the ability of the Telecom Italia Group to successfully implement its
reorganization;
- the success of Telecom Italia's customer loyalty and retention programs
and the impact of such programs on revenues;
- the impact of regulatory decisions and changes in the regulatory
environment, including implementation of recently adopted EU directives in
Italy;
- the impact of economic development generally on the international
business of the Telecom Italia Group and on its foreign investments and capital
expenditures;
- the continuing impact of rapid or "disruptive" changes in technologies;
- the impact of political and economic developments in Italy and other
countries in which the Telecom Italia Group operates;
- the impact of fluctuations in currency exchange and interest rates;
- Telecom Italia's ability to successfully implement its strategy over the
2007-2009 period;
- the ability of the Telecom Italia Group to successfully achieve its debt
reduction targets;
- Telecom Italia's ability to successfully implement its internet and
broadband strategy;
- the ability of the Telecom Italia Group to achieve the expected return on
the significant investments and capital expenditures it has made and continues
to make in Brazil and in Europe on broadband;
- the amount and timing of any future impairment charges for Telecom
Italia's licences, goodwill or other assets; and
- the impact of litigation or decreased mobile communications usage arising
from actual or perceived health risks or other problems relating to mobile
handsets or transmission masts.
The foregoing factors should not construed as exhaustive. Such factors
should also be considered together with risk factors included in Telecom Italia
Group's Annual Report on Form 20-F for 2005. Due to such uncertainties and
risks, readers are cautioned not to place undue reliance on such forward-
looking statements, which speak only as of the date hereof. Accordingly, there
can be no assurance that the Group will achieve its projected results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: November 9th, 2007
TELECOM ITALIA S.p.A.
BY: /s/ Carlo De Gennaro
---------------------------
Carlo De Gennaro
Company Manager