Big economic damage from FCA move to London -antitrust

Tax dumping costs Italy $5-8 bn a yr says Rustichelli's report

(ANSA) - Rome, July 2 - The transfer of Fiat Chrysler Automobiles' tax HQ to London caused Italy "significant economic damage," Antitrust authority chief Roberto Rustichelli said in the authority's annual report Tuesday.
    Italy "is one of the most penalised countries" from fiscal competition, the report said.
    Tax dumping costs Italy 5-8 billion dollars a year, Rustichelli said.
    Fiscal competition caused a "grave disadvantage" for Italian businesses, he said.
    In the last year and a half, the annual report said, the authority meted out sanctions totalling some 1.27 billion euros.
    For the protection of competition, a total of 29 proceedings were completed, Rustichelli said.
   

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