John Elkann (who pays taxes in Holland with Exor): “We will overcome the recession by working together and helping the weak”

“I believe the recession will be one of the difficulties we could face. The lesson of the last few years has been that we are capable of working together to help people in need. We have governments that do it, people that do it. We hope that this problem will be overcome in the future and, in particular, to help those most in need“. She said it John Elkann, the president of Exor group. The holding company owns, among other things, 14.3% of the French-led car group Stellantis and the group Gedi editorial which publishes newspapers The Republic, The Press and the XIX Century. Heir to the Agnelli empire, Elkann a few days ago completed the delisting of Exor from Piazza Affari which left the Italian stock exchange after 10 years but will remain listed in Amsterdam. The umbilical cord with Italy has been completely severed but the Netherlands has been the tax house of the Elkann and associates group for years. Here the taxes are much lower and so on almost nothing gets to the Italian tax authorities.

In this operation, the Elkanns were a bit unscrupulous, so much so that last February the Turin family paid the Revenue Agency about one billion euros to close a dispute. In essence, the Italian tax authorities said, most of the activities had remained in Italy but Exor had decided to apply the Dutch tax regime to all divisions of the group. At the beginning of 2021 Exor closed the operation with the French automotive group Psa which gave birth to Stellantis. Exor is the largest shareholder of the group but the majority belongs to the French shareholders. The most careful analysts have spoken of one sale of Fiat / Fca disguised as a merger, the former Fiat president said Luca Cordero di Montezemolo. Thanks to this operation, Exor has also cashed an extraordinary dividend of 828 million euros. Finished in Holland. To the Italian tax authorities, much less to people in need, nothing ever comes.

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About Eric Wilson

The variety offered by video games never ceases to amaze him. He loves OutRun's drifting as well as the contemplative walks of Dear Esther. Immersing himself in other worlds is an incomparable feeling for him: he understood it by playing for the first time in Shenmue.

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