Panasonic will move its European headquarters from the UK to Amsterdam in October as Brexit approaches.
The aim is to avoid potential tax issues linked to the UK’s decision to leave the EU, said Panasonic Europe’s chief executive Laurent Abadie.
In the run-up to March 2019, a number of multinational firms have said they plan to move jobs out of the UK.
Several Japanese financial companies have said they intend to move their main EU bases away from London.
Panasonic’s decision was driven by a fear that Japan could start considering the UK a tax haven if it cuts corporate tax rates to attract business, Mr Abadie told the Nikkei Asian Review newspaper.
If Panasonic ends up paying less tax in the UK, that could render it liable for a bigger tax bill in Japan.
