Delphi to defend UK-based status
Latest announcement that Delphi has given on the matter following a better than expected performance in Q2 2014
Delphi Automotive is planning to "vigorously contest" its UK tax status after coming under pressure from US authorities to begin filing income tax as if it were incorporated in the country, reports the Wall Street Journal (WSJ) Online. In a filing made to the US Securities and Exchange Commission (SEC), the company said that it had reviewed the Internal Revenue Service's opinion on the component suppliers status, delivered on 14 June, and said, "We intend to vigorously contest the conclusions" through the IRS appeals process and will litigate if necessary. However, it also warned that if it is unsuccessful and is forced to treat its business in the country as domestic corporations for US tax purposes "it could have a material adverse impact on our income-tax liability in the future," although also noted that it could benefit from deductions in the US that it isn't currently taking .
Thank you for visiting S&P Global AutoTechInsight.
*A subscription to News & Analysis includes four S&P Global-selected sector-specific analytical pieces per month. Access to all analytic pieces across all domains comes with a subscription to All Domains. Please click here to subscribe.
To get access to the AutoTechInsight full suite of services, please contact a sales representative by clicking here.
Already a subscriber? Please log in here
