LONDON – Panasonic announced this week that it would be leaving the United Kingdom for Amsterdam, ahead of the Brexit deadline of March 2019, the BBC News reports. Laurent Abadie, CEO of Panasonic Europe, said the move is to evade tax issues because of the United Kingdom’s exiting the European Union.
Abadie said Panasonic’s concerns stem from the U.K. government pledge to lower the tax on corporations to keep companies, which might lead Japan to consider the country a tax haven—thus triggering higher taxes in Japan.
Panasonic isn’t the only multinational company leaving the United Kingdom. Several Japanese financial firms, including Daiwa, Nomura and Sumitomo Mitsui, also intend to leave London.
Next June, NACS will host Convenience Summit Europe (CSE) in London and Amsterdam, which will be its Market Tour city and one of CSE’s three host cities in the future. After being held in London for nearly two decades, the two-day conference be hosted in London for the last time in 2019. From then on, the event will move to the European convenience hot spots Berlin, Germany, in 2020; Dublin, Ireland, in 2021; and Amsterdam,The Netherlands, in 2022, rotating among these three cities thereafter.
“This pays respect to the ever-growing participation from companies that work in or with the European convenience sector from all over the region, as well as to the ever-growing convenience sector across Europe,” said Mark Wohltmann, director, NACS Europe.
Connected to the Convenience Summit is the NACS European Market tour, a two-day visit to a different European city each year, focusing on best practice and retail visits.
“Our Market Tour City for 2019 will be Amsterdam, a booming and thriving convenience city with a strong focus on fresh food, young target groups and healthy eating choices,” Wohltmann said. “It’s a city that benefits from the current changes in the EU’s structure with company headquarters moving from London to Amsterdam and letting this city grow further.”