Large Japanese companies are planning to leave London after Brexit

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Large Japanese companies from outside the financial sector want to move their headquarters from London to other European countries after Brexit, citing uncertainty about the UK’s exit from the EU as the main reason, Financial Times writes. The first such company was the Japanese company Panasonic, having announced in September the move to the Netherlands, and providing an example to other companies. Japanese business is afraid of increasing the tax burden while maintaining the head office in London in the case of financial receipts from units in other EU countries. In addition, the Japanese government may designate the UK as a “tax harbors” and impose additional requirements on companies that continue to operate in this country.

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