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Fiat denies Ferrari's tax base will leave Italy

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Fiat denies Ferrari's tax base will leave Italy
Fiat Chrysler Automobiles has denied reports that Ferrari's fiscal residence could be moved outside Italy. Photo: Naotake Murayama
13:13 CET+01:00
Fiat Chrysler Automobiles (FCA) has denied reports that the fiscal base of luxury carmaker Ferrari could be moved outside Italy.

The company said in a statement that the “rumours”, reported by Bloomberg on Wednesday, “have no grounds”.

"There is no intention to move the tax residence of Ferrari S.p.A. outside Italy, nor is there any project to delocalise its Italian operations, which will continue to be subject to Italian tax jurisdiction,” the company added.

Citing people close to the situation, Bloomberg reported that Ferrari was considering shifting its fiscal base in an effort to escape high Italian corporate taxes.

The company is in the process of being spun-off from the newly-merged FCA, which transferred its headquarters to London earlier this year and is registered in The Netherlands for tax purposes.

The spin-off is expected to be completed early next year.

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