May 22, 2013 / 3:29 PM / 5 years ago

Fiat Industrial says 500 million euro tax loss reports false

MILAN (Reuters) - Italy-based truck and tractor maker Fiat Industrial FIA.MI said reports that Italy would lose more than 500 million euros in tax receipts as a result of its moving fiscal domicile to the UK after a merger with unit CNH CNH.N were absolutely false.

According to U.S. stock exchange regulatory filings dated May 14, Fiat Industrial aims to be treated as a UK resident company after the merger to lower its tax bill.

In a statement on Wednesday, a spokesman for Fiat Industrial said media reports and comments by politicians and trade unionists might have given the idea that moving the fiscal domicile from Italy to Great Britain could cause significant tax damage for the country.

“These are totally false declarations and evaluations,” the spokesman said.

“The new company created by the merger has chosen its fiscal domicile in line with all existing regulations and has requested an opinion from competent authorities in the Netherlands and the UK, and will comply with their decisions.”

Reporting By Stephen Jewkes

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