Fiat chairman reiterates plan to set tax domicile in the UK

Article by Anita Panait, on February 3, 2014

The tax domicile of the new Fiat Chrysler Automobiles group would be set in the United Kingdom as it aims to attract American investors, Fiat chairman John Elkann told Italian daily La Stampa in an interview. Fiat recently finalized the acquisition of the remaining shares in Chrysler for $4.35 billion paving way for the merger of the two carmakers.

The holding group would be registered in the Netherlands and have its tax domicile in the UK. "The advantage to [move our tax domicile] to London is linked to the more favorable rules for American investors, which we hope to attract with the merger," La Stampa quoted Elkann as saying. Elkann told the Italian newspaper that Fiat would not pay less taxes as a result of the changes.

Some experts, however, remarked that registering the group in the Netherlands with a UK tax domicile could deprive the United States and Italy of tax revenue on some overseas earnings.

Elkann reiterated that the new Fiat Chrysler Automobiles would not shift its headquarters out of Italy. "The merged company will have more than one headquarters ... with Turin at the center of a huge market that covers Europe, Middle East and Africa,"

Elkann has remarked. Elkann also quipped that plans to re-launch the Alfa Romeo brand were at an advanced stage and were in line with a strategy of betting on high-end market segments that has proven very successful with Maserati. [source: Reuters]

Topics: fiat, uk

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