Panasonic to move European HQ to Amsterdam amid Brexit concern

Panasonic will be moving its UK HQ.

Panasonic has said it plans to its European headquarters from the UK to Amsterdam in the approach to Brexit. 

In the run-up to March 2019, the Japanese firm said it would be moving jobs and operations to the Netherlands to avoid potential tax issues related to Brexit.

A spokeswoman for the firm said: “We will move our European headquarters to the Netherlands.”

The decision was driven by the fear that Japan could start considering the UK a tax haven if the government cuts corporate tax rates to attract business.

Advertisement

The UK government pledged in 2016 to cut corporation tax in order to encourage businesses to continue investing in the UK following the referendum.

If the group pays less tax in the UK, it could be liable for a bigger tax bill in Japan.

Panasonic Europe’s chief executive Laurent Abadie told the Nikkei Asian Review that the group had been considering the move for 15 months over fears surrounding the UK’s withdrawal from the EU.

The spokesperson said that Panasonic cannot yet comment on the number of people who will be moving to Amsterdam.

Other Japanese firms including Nomura (TYO: 1357), Sumitomo Mitsui (TYO: 8053) and Daiwa (TYO: 1925) have said they will move their EU headquarters from London in the lead up to Brexit. Nomura will be moving its HQ from the UK to Frankfurt.

Shares in the group (TYO: 6752) are trading down 1.21 percent at 1.346 (1008GMT).