Ferrari may leave Italy to cut its corporate tax bill

Ferrari’s potential exit from Italy is causing some hand-wringing in its home country.

The possibility of shifting its tax residence from the iconic Maranello headquarters, where its first sports cars were built in 1947, is generating a debate in Italy about the risk of losing the country’s most famous brands as the economy struggles to emerge from its longest recession.

“Ferrari Fleeing to London,” was the front page headline in Milan daily Il Giornale, the newspaper owned by former prime minister Silvio Berlusconi’s family.