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194 ENAV – 2014 Financial Statements

recognized in in the line item “balance” in prior years and in 2014 which will
reverse in future years until 2020, as discussed in note 10. The tax effect
arising from the transition to international accounting standards relates
to a series of items that will continue to have exclusively a fiscal effect
arising from the difference between the accounting treatment followed in
the financial statements consistent with the requirements of international
accounting standards, starting from the date of first-time adoption on 1
January 2011, and fiscal criteria, for which the date of first-time adoption
of IFRSs was 1 January 2014. The measurement of the employees’ leaving
entitlement (TFR) in accordance with IAS 19 led to an actuarial loss,
resulting in the recognition of a deferred tax asset net of the reversal of the
deferred tax liabilities recognized in the previous year for the actuarial gain.

Deferred tax liabilities amount to ¤3,279 thousand, and in addition to the
items already discussed concerning the transition to IFRSs relate to prior
year arrears interest that has not yet been received and hence taxed. The
measurement of the derivative at fair value led to a gain of ¤1,863 thousand
and accordingly the recognition of a deferred tax liability, compared to
the previous year when a loss, and hence also a deferred tax asset, was
recognized.

9. Current and non-current tax receivables

Non-current tax receivables, unchanged compared to 31 December 2013,
amount to ¤23,164 thousand and arise from the excess corporate income
tax (IRES) paid by the Group in the years 2007/2011 arising from taxable
profits from which the regional production tax (IRAP) charged on add-
backs for personnel and similar costs was not deducted for IRES purposes,
as per the application for a refund filed on 6 March 2013. More specifically,
the entitlement to a refund arises from article 2 of Decree Law no. 201/2011
which permits the analytical deduction of IRAP from business income for
2012, previously only allowed to the extent of 10% of the tax paid, a decree
subsequently supplemented by article 4, paragraph 12 of Decree Law no.
16 of 2012 in order to extend this possibility to prior tax periods starting
from 2007. Regarding the timescale for receiving the refund, given that
the Tax Revenue Office is envisaging making payment starting from the
earliest tax years and on the basis of the order in which the electronic flows
are transmitted, and establishes criteria in the cases in which it does not
have fully available funds, the receivable has prudently been classified as
a non-current asset.