Panasonic will move HQ overseas to avoid 'troubling' Brexit tax

In a decision thought to be tied to Brexit, Panasonic is to move its European headquarters from the UK to Amsterdam at the end of this year.

The move targets the avoidance of potential tax issues, which will be linked in Britain’s decision of leaving the EU. This follows several other firms considering moving from the country to set up bases elsewhere.

Laurent Abadie, CEO of Panasonic Europe, told the Nikkei Asia Review that Panasonic’s decision was ‘driven by a fear’ that Japan might start to consider the UK being a tax refuge if it is to cut corporate tax rates to attract potential business.

In 2016, the government pledged to cut corporation tax to encourage businesses to continue investing in the UK after the referendum.

Britain voted to leave the European Union in 2016, however the government has still not struck a good deal or agreement on how the exit will go.

Heathrow airport’s operator is also said to be moving its international headquarters from the UK to Amsterdam because of Brexit.