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Fiat SpA says Fiat Finance and Trade confident of legitimacy of the tax ruling process in Luxembourg

Wednesday, 11 Jun 2014 12:13pm EDT 

Fiat SpA:Says Fiat Finance and Trade was surprised by the announcement of the opening of an investigation by the European Commission into a tax ruling requested by the company and issued by the Tax Authorities of Luxembourg in 2012.Says it is regarding the calculation of the taxable basis of its financing activities, due to concerns that such ruling could have resulted in a more favorable tax treatment for the company.Says Fiat Finance and Trade has performed cash management and treasury activities for the Fiat Group for more than fifteen years.Says it requested the tax ruling in question in order to clarify the transfer pricing rules to be applied in its financing activities to subsidiaries and affiliates of Fiat SpA across the globe.Says the company has no reason to believe that any favorable treatment was contemplated by the Tax Authorities of Luxembourg in issuing such tax ruling, because in fact no such treatment was ever received.Says Fiat Finance and Trade did not request the ruling in connection with any tax exemption or facilitation.Says Fiat Finance and Trade believes that any review of this matter by the Authorities will result in the confirmation of the legitimacy of the facts above and of the tax ruling originally issued. 

Company Quote

-0.16 -1.52%
28 Jul 2014