The Japanese electronics company, Panasonic, has announced plans to move its European headquarters from the UK to the Netherlands.
The company will relocate its offices from London to Amsterdam in October, in preparation for the UK’s departure from the European Union (EU).
“We will move our European headquarters to the Netherlands,” a spokesperson for the company informed Agence France-Presse.
According to Panasonic Europe’s CEO, the firm has made the decision in relation to tax issues.
Laurent Abadie voiced his concerns to Nikkei Asian Review that Japan could raise tax bills if the UK cuts corporate tax rates, costing the company more in the long run.
The firm has reportedly considered the decision to move its headquarters due to Brexit for around 15 months.
Out of Panasonic’s 30 members of staff, up to 20 people could be affected by the decision – specifically those working in auditing and financial operations would move, whereas investor relations employees could stay in the London.
Several multinational corporations have confirmed plans to move their operations out of the UK ahead of March 2019.