11:47 AM EDT, 07/30/2024 (MT Newswires) -- Ferrari ( RACE ) said Tuesday its parent company Ferrari NV ( RACE ) has been admitted to the Italian Revenue Agency's compliance program.

The move "further strengthens the group's cooperative relationship with the Italian tax authorities," the company said.

Admission to the program is effective as of last year, which was the year in which it filed the application, the carmaker said, adding that admission was preceded by validation by tax officials of an internal tax risk control system.

Ferrari ( RACE ) shares were rising 0.3% in recent trading.

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