Panasonic to Move European Headquarters from Britain

Economy

Berlin, Aug. 30 (Jiji Press)--Panasonic Corp. <6752> plans to transfer its European headquarters to the Netherlands from Britain in October in preparation for Britain's exit from the European Union, or Brexit, company officials said Thursday.

Panasonic Europe Ltd., which oversees the Japanese electronics maker's European operations, is located in Bracknell, Berkshire, near London.

More than half of the several tens of employees at Panasonic Europe, mainly in charge of finance and auditing, will be relocated to Amsterdam, the officials said.

The move reflects concerns about potential additional tax as Japan is expected to treat Britain as a tax haven if London lowers its corporate tax to attract businesses, the officials said.

Another factor is possible disruptions to the flow of people and goods as a result of Brexit, they said.

[Copyright The Jiji Press, Ltd.]

Jiji Press