Fiat Industrial switching tax residency

Fiat Industrial plans to move its tax residency from Italy to the U.K. after it merges with U.S.-based CNH Global,

the

Financial Times

reported.

The U.K. has cut its corporate tax rate from 30% in 2007 to 23.32%, and the rate is due to drop to 20% in 2015. Italy’s tax rate is about 31.4%, the article said.

Fiat International makes agricultural and construction vehicles as well as buses. It plans to buy out the 12% of CNH it doesn’t already own by the third quarter of this year, the

FT

reported. (Source:

Financial Times,

May 22, 2013.)