Porsche will avoid tax payments in the Vw deal

Article by Christian A., on June 12, 2012

Porsche Automobil Holding SE has discovered a means by which the 50.1% left of sports car unit Porsche AG will be sold to Volkswagen Group without having to pay around 1.5 billion euros ($1.9 billion) in tax, according to a report last week on WirtschaftsWoche. The publication first stated that tax authorities think that the agreement was considered to be a restructuring and not a disposal that would relate to tax payments.

This is because Porsche would need a single voting share in Volkswagen as part of the 4.5 billion euro transaction. Sources inside the finance ministry of Baden-Wuerttemberg, the magazine shared that a legally binding notice has been prepared by Porsche SE in Stuttgart. For this model, no vehicle has been tasked to make a stand.

A Porsche spokesman said that it has yet to complete a study of the tax implications of the agreement. Porsche SE is based in Stuttgart, the capital of Baden-Wuerttemberg state.

In the past, Porsche SE had said it would have to wait until 2014 to sell the remaining stake tax-free. But in December 2009, Volkswagen acquired 49.9% of Porsche sports cars for 3.9 billion euros in December 2009 as part of a deal that avoided the probable insolvency of debt-laden parent Porsche SE. A VW spokesman said that it is continuing to study its options.

If you liked the article, share on:

Topics: porsche, vw

Comments

Recommended

Earlier in November at the 2017 SEMA Show in Vegas is when Hennessey unwrapped the Venom F5 to all of us. But it was actually first introduced as a concept...
by - November 22, 2017
Mercedes-Benz just made an announcement that the 2018 E Class Cabriolet has finally landed in the United States. If you had not known, the E Class will be positioned in...
by - November 22, 2017
After a somewhat successful fray into the automotive market in China, the resurrected German automobile brand Borgward is finally heading to Europe, bringing along with it the Borgward BX7 sports...
by - November 22, 2017
Automotive industry veteran Bob Lutz has once again spoken out against Tesla. Known as one of Tesla Motors’ greatest skeptics, Lutz had stated two years ago that the Silicon Valley...
by - November 22, 2017
Dubai is one of the few countries where expensive cars are the norm, many of which are specially modified as well. And this just in: Bentley has debuted the new...
by - November 21, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries