(by Marco Zacchera) Last week there was talk of FIAT (FCA) which borrows money in Italy guaranteed by the state, but pays its (few) taxes in Holland.
Italians should better understand this mechanism which costs us around 6,5 billion euros a year, other than the ESM.
In Europe there are in fact six countries (Luxembourg, Ireland, Holland, Cyprus, Belgium and Malta) authentic tax havens where, with few legal rules, company headquarters are set (fictitious in practice, official in form) which will thus pay much less tax than necessary , while doing a good part of their true economic operations in other countries.
It applies to the former FIAT but also to the digital giants, from Booking to Google to Uber, whose offices are in the Netherlands and where the services that are sold in Italy are also formally invoiced. In these countries, the taxpayer can agree directly with the state on the tax regime to be applied: a godsend, but even more impressive is the volume of foreign investments that are thus entering these countries.
In Luxembourg they represent 6.000% of GDP (or 60 times what produced
from all Luxembourgers!) in Malta 1.500%, in Cyprus 1.000%, in Holland 550% and in Ireland 200%.
The Netherlands is among the most fierce both in terms of fiscal aggression, as in saying no to solidarity in the Covid emergency which has also affected countries (such as Italy) that make them enrich, other than the "sobriety" they flaunt to Italy ..
Furthermore, Dutch law allows total control of financial holding companies over companies, even if they only own minority shares. For example Exor, the financial company of the Agnelli house that emigrated to the Netherlands in 2016, owns 28,98% of FCA but has 42,11% of the votes, as well as controls 26,89% of Cnh (Iveco) but has 41,68% of the votes and 22,91% of Ferrari with 32,75% of the votes.
It is a legal way to get out of the free market that has made companies flourish more or less comfortably: at least 15 thousand, according to a report from the Ministry of Finance to the Dutch Parliament of 2018, with a flow of money, in terms of turnover, ranging from 4.500 to 5.000 billion euros each year.
All this, however, translates into 6,6 billion euros of taxes collected less for Italy: almost 10% of what interest cost on public debt in 2019.
There is not only Fiat (FCA) with “orange” headquarters but also Ferrari, Campari, Luxottica, Tenaris and a thousand other “Italian” companies that do the same.
Europe is silent or powerless because, in tax matters, every state is sovereign. But do you understand that the EU will never be able to function in such disproportionate and disproportionate tax situations? And in all this - coincidentally - Italy is always the worst-off country.
All of which, however, little or nothing is discussed, but how many Italian ministers and politicians actually understand these things and above all act accordingly?