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Panasonic to move European headquarters out of UK

Staff Writer |
Panasonic will move its European headquarters from outside London to Amsterdam in October to avoid potential tax issues linked to the U.K.’s scheduled exit from the European Union.

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Japan could treat the U.K. as a tax haven if it lowers its corporate rate, Laurent Abadie, CEO of Panasonic Europe, told Nikkei here, referring to the country's attempt to lure businesses with low levies. Abadie was attending IFA 2018, the continent’s largest electronics fair.

Moving the regional headquarters to continental Europe will also help Panasonic avoid any barriers to the flow of people and goods, Abadie said.

Panasonic's European business functions are split among bases in Germany, Spain and elsewhere. Of the 20 to 30 people employed at the London office, the 10 to 20 who handle auditing and financial operations will be moved to the Netherlands, with only investor relations staff staying.

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