Torino

Fiat Industrial denies tax reports on headquarters move

Fiat industrial headquarters move could cost 500 million euros

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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