Panasonic to move European headquarters out of U.K. due to Brexit
Panasonic booth during CES 2018 at the Las Vegas Convention Center on January 9, 2018. Photo: David Becker/Getty Images
Panasonic will move its European headquarters from London to Amsterdam in October because of tax issues related to Brexit, reports Nikkei Asian Review.
The big picture: The U.K. has said it will lower its 20% corporate tax rate following its departure from the EU to retain and attract businesses, but Panasonic fears that this could cause the country to be labeled as a "tax haven" by Japan — which would result in multinationals being taxed more heavily at home.