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Home / Business / Panasonic relocates its European headquarters from the UK due to Brexit – TechCrunch

Panasonic relocates its European headquarters from the UK due to Brexit – TechCrunch



Another Brexit deficit: Japanese electronics giant Panasonic will relocate its European headquarters from the UK to Amsterdam in October, worrying about its tax implications if it stays, reports the Nikkei Asian Review.

The company fears that tax liabilities could occur if the UK restructures its corporate income tax due to Brexit.

Laurent Abadie, CEO of Panasonic Europe, told the newspaper Japan could treat the United Kingdom as a tax haven its corporate rate – since the government has indeed suggested that it will try to make itself a more attractive target for businesses, once it is outside the trading bloc of the European Union.

In November 201

6, the British Prime Minister announced a corporation tax review saying that the government could move to significantly lower the rate below the current 20%.

Previously, former Chancellor George Osborne promised to cut the r

At the same time, the PM announced a package of business-oriented measures that would seek to dispel fears of Brexit. Although a rate cut is apparently not friendly for any business.

In the case of Panasonic, it is worried that if the United Kingdom is declared a tax haven by Japan, it could be burdened with back taxes at home. Abandoning a Regional Headquarters within the European Union Eliminates This Risk

Abadie also told the Nikkei Asian Review that relocating its regional headquarters to continental Europe will help to avoid barriers to the influx of people and goods Brexit

The shape of any deal – or whether there will be a deal between the UK and the EU after Brexit – remains a few months ahead of Britain's planned withdrawal from the EU. March 2019. Companies must therefore make important decisions based on potential or potential outcomes.

Meanwhile, the UK's regulatory influence in the region continues to be reduced …


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