MILAN, May 21 (Reuters) - Truck and tractor maker Fiat Industrial intends to move its tax residence to the United Kingdom from Italy after its upcoming merger with its CNH unit, according to a U.S. stock market listing filings.
The move out of high-tax Italy is likely to result in a lower tax burden for the new group.
Fiat Industrial plans to merge with CNH and then fold both companies into a new group provisinally called FI CBM Holdings N.V. with a primary listing on the New York Stock Exchange. The group filed a preliminary prospectus on May 14, and expects the merger and listing to be completed in the third quarter of 2013.
After the merger, FI CBM “intends to operate in a manner to be treated as resident in the United Kingdom for tax purposes,” the prospectus said.