Another major Japanese firm may be ready to ditch Britain over Brexit – Finance

  • Japanese retailer Muji is reportedly planning to transfer its European headquarters from the UK due to Brexit.
  • Bloomberg reports that he can move to Germany.
  • The possibility of moving Muji emerged less than a week after the electronics giant Panasonic confirmed that it would transfer its European headquarters from Bracknell to the Dutch capital in Amsterdam.
  • Japanese companies are concerned about the extent to which possible changes caused by Brexit can affect their profitability.

Japanese retailer Muji is reportedly ready to move its European headquarters from the UK in preparation for Brexit, becoming the latest in the line of companies from the world's third largest economy in the rout of Britain, preparing to leave the EU.

According to Bloomberg on Tuesday morning, in which people who are familiar with the company's ambitions are mentioned, Muji is preparing plans to transfer her European base to Germany as a result of Brexit, which, according to many Japanese companies, can seriously affect their ability to earn money in Europe.

"As a company, we analyze the risks from Brexit and always consider all the options available," a spokeswoman for Bloomberg spokeswoman Muji said.

"We did not decide to transfer our office, because no new place was accepted."

Muji operates 12 stores in the UK and employs about 50 employees at its headquarters in London.

The possibility of moving Muji emerged less than a week after the Japanese electronics giant Panasonic confirmed that it would transfer its European headquarters from Bracknell in the capital of the Netherlands, Amsterdam.

Japanese firms fear that Brexit could lead to changes in how British tax corporations, which in turn, can lead to an increase in taxes in Japan.

Effectively, if the UK will lower its corporate tax further after Brexit, as he suggested, it can happen, the Japanese government can consider a tax haven.

If this were the case, this could lead to the fact that Japanese companies will face taxes from the central government, which are aimed at prohibiting Japanese organizations from having offices in tax havens.

Let's talk about Muji leaving Britain a little more than a week after the head of Japan's largest business lobbyist said that Japanese companies "seriously concerned " about its future in the UK, if the uncertainty of Brexit is not resolved in the near future.

"We simply can not do anything," said Hiroaki Nakanishi, chairman of Keidanren, the Japanese business federation, said in an interview with the Financial Times, published on Tuesday. "Everyone is seriously worried."

Nakanishi told the FT that Japanese companies operating in the EU are disappointed – like many British companies – because there is no real clarity as to what type of Brexit in the UK will really reach when the Article 50 period expires in March of next year.

"Different scenarios are discussed, without a breach, to dive into Brexit without any deal," added Nakanishi. "Now we are in a situation where we need to consider what to do in all of them."

Several large Japanese financial institutions, including Nomura, Sumitomo Mitsui and Daiwa Securities, have already planned to transfer personnel from the UK, and much more can follow.

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