Giovedì, 18 Ottobre 2018

Fiat Industrial denies tax reports on headquarters move


Torino, May 22 - Fiat Industrial on Wednesday
denied reports that the possible move of its headquarters to
Britain would cost Italy a half a billion euros in tax revenues.
''The statement that Italy could lose more than 500 million
of taxes is absolutely false,'' said a Fiat spokesman.
That statement came amid reports that the Italian
government is concerned about the farm vehicles and truck
producer's plan to move its legal headquarters to the United
Kingdom for tax reasons after completing a merger with tractor
unit CNH Global NV.
Britain is lowering its corporate tax rates, making it a
more appealing head office location for firms such as Fiat
Industrial, which paid 564 million euros in taxes to Italian
authorities last year.
Fiat in 2010 spun off Fiat Industrial to hold its
non-automotive activities, which include the production of
trucks, commercial vehicles and buses, under the Iveco marque,
as well as the non-automotive sector of its Powertrain
subsidiary that develops engines and transmissions.

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