Panasonic set to move its European base to Amsterdam due to Brexit

The Japan-based electronics industry company, Panasonic, is set to move from its European base in the UK to Amsterdam in October, BBC News reports.

It is thought that the change in location will enable the firm to avoid potential tax issues following the impending Brexit.

In preparation for Britain leaving the EU, it is expected that a wide range of multinational firms will make the decision to move their EU headquarters abroad.

Speaking to the Nikkei Asian Review newspaper, Panasonic Europe’s Chief Executive, Laurent Abadie, confirmed that Panasonic made the decision after it was feared that Japan would start seeing the UK a tax haven if it reduced corporate tax rates to attract business.

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It is believed that if Panasonic started to pay reduced tax in the UK, then it would become liable for a larger tax bill in Japan which has made the company reconsider its UK base for over a year.

A Panasonic spokesperson didn’t comment on how many people were set to move, however, Nikkei Asian Review anticipates that the employees that are tasked with auditing and financial operations will move to Amsterdam with works in the investor relations department set to remain in the UK.