(Reuters) – Panasonic Corp is to move its European headquarters from London to Amsterdam in October to avoid potential tax issues linked to Brexit, the Nikkei Asian Review s.nikkei.com/2wt6kal said on Thursday.
A man is seen next to Panasonic Corp’s logo at Panasonic Center in Tokyo, Japan, February 2, 2017. REUTERS/Kim Kyung-Hoon/File Photo
Moving the regional headquarters to continental Europe will also help Panasonic avoid any barriers to the flow of people and goods, Laurent Abadie, chief executive officer of Panasonic Europe, told Nikkei.
Of the employees based out of London office, 10 to 20 engaged in auditing and financial operations will be moved to the Netherlands, with only investor relations staff staying, the Nikkei report said.
Britain is due to leave the EU in March 2019.
Reporting by Aaron Saldanha in Bengaluru; Editing by Shailesh Kuber