MILAN – Ferrari said on Tuesday its Dutch parent company Ferrari N.V. (NYSE: RACE) has strengthened ties with the Italian tax authority by joining a compliance program that includes regular and preemptive checks to prevent 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 N.V. (NYSE: RACE) said that the admission to the program, which involved an internal tax risk control system adoption and validation, 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.
(Source: ReutersReuters)
