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Italy’s Fiat need not pay $30 MLN in back taxes

Italy’s Fiat need not pay $30 MLN in back taxes

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Global Business Review Magazine
Thursday, July 7, 2022
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Italy’s Fiat need not pay $30 MLN in back taxes

Italy’s Fiat need not pay $30 MLN in back taxes

An adviser to Europe’s top court stated that Italian carmaker Fiat Chrysler need not pay 30 million euros ($33.95 million) in back taxes to Luxembourg. The Fiat case was part of European Competition Commissioner Margrethe Vestager’s crackdown on deals between European Union countries and multinationals. In this, the highest profile of which were Apple’s Irish deal and Amazon’s Luxembourg deal.

Fiat Chrysler merged with Peugeot maker PSA earlier and rebranded itself Stellantis. They had challenged the EU tax order at the General Court but lost. It then appealed to the Court of Justice of the European Union (CJEU). Ireland, which last year won its fight against an EU tax order requiring it to recoup a record 13 billion euros in back taxes from Apple. They also appealed against the Fiat order. Pronouncing on both appeals, Priit Pikamae, advocate general at the EU Court of Justice, said that Ireland’s appeal against the EU tax order. This should be upheld and the Commission decision annulled.

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Fiat need not pay the extra tax bill, even though the adviser said that Fiat’s appeal should be dismissed because of what he found unconvincing arguments. In its 2015 decision, the Commission said that Fiat Chrysler set prices for goods and services sold between subsidiaries, known as transfer prices. The CJEU, which usually follows four out of five such non-binding opinions, will rule in the coming months. The cases are C-885/19 P Fiat Chrysler Finance Europe v Commission and C-898/19 P Ireland v Commission.

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Global economies struggle as oil supplies tighten, volatile stakes

Oil prices see a surge, supply concerns to aid in the cause

S & P 500 ends at record high as Wall Street rises

Wall St futures tumble, dollar holds its ground against tides

OPEC+ members face issues of tight oil supplies

OPEC+ members face issues of tight oil supplies

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Russia evades default through sheer force of will; Kremlin speaks

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