Ferrari shores up cooperation with Italian tax authority to ensure transparency
MILAN, July 30 (Reuters) -Ferrari RACE.MI said on Tuesday its Dutch parent company Ferrari N.V. has strengthened ties with the Italian tax authority by joining a compliance programme that includes regular and preemptive checks aimed at preventing potential tax disputes.
One of the most famous Italian brands, Ferrari moved its registered office to the Netherlands in 2015, before the carmaker was spun off from former parent Fiat Chrysler and separately listed at the beginning of 2016.
However the group has always kept its fiscal base in Italy, and pays the bulk of its taxes there,with Milan as its main stock market listing.
Ferrari said in a statement that the admission to the programme, which involved the adoption and validation of an internal tax risk control system, referred to as 'Tax Control Framework', "further strengthens the group's cooperative relationship with the Italian tax authorities".
It is effective from fiscal year 2023, when Ferrari filed the admission request to the tax authority, it added.
Ferrari's Italian subsidiary Ferrari Spa already entered the fiscal cooperative compliance programme last year.
Reporting by Giulio Piovaccari; Editing by Susan Fenton
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