Tråd: Marchionnes valg af Fiat-Chrysler HQ vejer politiske realiteter mod lavere skatter

Nu, Sergio Marchionne lykkedes at deltage Fiat og Chrysler sammen, for hans næste handle hes planlægger at flytte Fiat hovedkvarter ud af Italien. Mens et sådant har skattefordele, ville det udgør en politisk og public relations udfordring for Fiat og Marchionne i deres hjemland. Den nye enhed, døbt Fiat Chrysler Biler, vil være en hollandsk-baserede virksomhed, med en BRITISK skattemæssige bopæl, mens aktier er noteret på NYSE med en sekundær notering i Milano.
Marchionne er klar over, at placere hovedkontor uden for Italien, hvor Fiat har opereret for 115 år og har modtaget offentlige midler, eller uden for de Forenede Stater, hvor Chrysler blev reddet ud af den føderale regering, kunne gøre bølger og der er mulighed for, at den italienske regering kan gribe ind. Ive set mere mærkelig ting ske, Marchionne sagde til journalister på det seneste Detroit auto show. Så jeg håber, de ikke skabe hindringer.
Deal for Fiat at tage komplet kontrol over Chrysler efter køb UAW pensionist sundhedsmæssige fordele trusts aktiepost i Auburn Hills baseret bilproducent blev fuldbyrdet i sidste uge, og resultatet er verdens 7 største bilproducent, holding mærker, der omfatter Alfa Romeo, Dodge, Ferrari, Jeep og Maserati sammen med de to corporate brands.
Marchionne efterligne, hvad han gjorde, da han udskilt CNH industrielle fra Fiat: Tilmeld dig gruppen i Holland med en UK skattemæssige bopæl. Marchionne har tidligere sagt, at CNH industrielle vil blive brugt som en af de tekniske tegninger for Fiat-Chrysler. CNH er registreret i Nederlandene, skat-bosiddende i Storbritannien og handles primært på New York Stock Exchange, med en sekundær notering i Milano.
Chris Morgan, leder af skatte-og afgiftspolitikken på KPMG, forklarede argumentationen. Når den faktiske produktion af biler der ikke foretages i Det Forenede Kongerige, ville grund til at komme her være i høj grad en skat, en. Storbritannien har haft en række nedskæringer til sin corporate indkomst skattesats, og regeringen der foreslår at reducere det yderligere 20 pct. næste år. Storbritannien har også reduceret skattebyrden på overskuddet af udenlandske datterselskaber i lav-skatteregioner. Også, i modsætning til Italien, Det Forenede Kongerige ikke beskatte udbytte fra udenlandske operationer.
Marchionne, der er uddannet som en skat revisor før deltager i jura ved træning, vil fremlægge sine planer om at Fiat bestyrelsen i dag. Offentligt han har insisteret på at flytte Hovedkvarteret og notering på NYSE afspejler adgang til finansiering, mere end skatteforholdene, siger, at overskud beskattes, hvor de er lavet med ingen indvirkning på de italienske regeringer skatteindtægter. På grund af skattefradrag for tidligere år tab, vil Fiat ikke skulle betale indenlandske italienske skatter i mange år fremover. Stadig, for at reducere skattebyrden, producenter kan justere beløbene for samlede overskud henføres til produktion, eksport eller salg af hvert koeretoej i forskellige lande.
Til produktion af bor i Italien de kan omorganisere værdikæden for at nedsætte den indenlandske skat, sagde Carlo Garbarino, en skat specialist på Milanos Bocconi Universitet.
Det Forenede Kongerige er nu et godt sted at have hovedkontoret, sagde KPMGs Morgan. Nogen fordele, du får fra opererer oversøiske i en lav skat land er ikke indhentet tilbage.

Now that Sergio Marchionne has succeeded in joining Fiat and Chrysler together, for his next act hes planning on moving Fiats headquarters out of Italy. While such a move has tax advantages, it would present a political and public relations challenge for Fiat and Marchionne in their home country. The new entity, dubbed Fiat Chrysler Automobiles, will be a Dutch-based company with a UK tax domicile, while shares are listed on the NYSE with a secondary listing in Milan.
Marchionne is aware that locating the headquarters outside of Italy, where Fiat has operated for 115 years and has received government funding, or outside the United States, where Chrysler was bailed out by the federal government, could make waves and there is the possibility that the Italian government might intervene. Ive seen weirder things happen, Marchionne said to journalists at the recent Detroit auto show. So I sincerely hope they dont create obstacles.
The deal for Fiat to take complete control of Chrysler after buying the UAW retiree health benefits trusts stake in the Auburn Hills based automaker was consummated last week and the result is the worlds 7th largest automaker, holding brands that include ,Alfa Romeo, Dodge, Ferrari, Jeep and Maserati along with the two corporate brands.
Marchionne is emulating what he did when he spun off CNH Industrial from Fiat: register the group in the Netherlands with a UK tax domicile. Marchionne has previously said that CNH Industrial will be used as one of the technical blueprints for Fiat-Chrysler. CNH is registered in the Netherlands, tax-resident in Britain and traded primarily on the New York Stock Exchange, with a secondary listing in Milan.
Chris Morgan, head of tax policy at KPMG, explained the reasoning. Where the actual production of cars is not carried out in the UK, the reason for coming here would be largely a tax one. Great Britain has had a series of cuts to its corporate income tax rate, and the government there is proposing to reduce it further to 20% next year. Britain has also reduced the tax burden on profits earned by foreign subsidiaries in low-tax jurisdictions. Also, unlike Italy, the UK does not tax dividends from foreign operations.
Marchionne, who trained as a tax accountant before attending law school by training, will present his plans to the Fiat board of directors today. Publicly he has insisted that moving the HQ and listing on the NYSE reflect access to funding more than tax considerations, saying that profits are taxed where they are made with no impact on the Italian governments tax revenue. Because of tax credits for previous years losses, Fiat will not have to pay domestic Italian taxes for years to come. Still, to reduce tax burden, manufacturers can adjust the amounts of total profit attributed to the production, export or sale of each vehicle in different countries.
For production staying in Italy they can reorganize the value chain to reduce the domestic tax burden, said Carlo Garbarino, a tax specialist at Milans Bocconi University.
The UK is now a good place to have the head office, KPMGs Morgan said. Any benefits you get from operating overseas in a low-tax country are not clawed back.