Fiat renamed, to move tax base to UK
John Elkann, chairman of Fiat Chrysler Automobiles has told an Italian daily that Fiat wants to establish the tax domicile of the new group in the UK to help woo American investors, the carmaker’s chairman, Reuters has reported. The Italian automaker, which this month bought out the minority investor in its US Chrysler unit in a $4.35bn deal, said last week the holding group would be registered in the Netherlands and have its tax domicile in Britain, cementing a politically sensitive shift away from Italy. Fiat would not pay less tax as a consequence of these changes, Elkann said. However, some experts said that registering the group in the Netherlands with a UK tax domicile could ultimately deprive the US and Italy of tax revenue on some of the company’s overseas earnings.