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Unilever would scrap HQ move if Dutch ‘exit tax’ law enacted

Consumer goods giant faces €11bn tax bill under Green Left proposal

Consumer goods giant Unilever said it would scrap a move to a single UK headquarters if Dutch enact exit tax law. Photograph: Philippe Wojazer/Reuters

Mon Aug 10 2020 - 17:03

Anglo-Dutch consumer goods giant Unilever said in a filing on Monday that a plan to unify its headquarters in London and scrap its Dutch base might not go ahead – if a law enacting an "exit tax" in the Netherlands is enacted.

Unilever said the law, if passed, would mean it needs to pay €11 billion to the Dutch government.

The Netherlands’ council of state is considering the proposed law and will give an advisory opinion as to whether it is legal. It has not set a date for its decision.

The remarks were published on Monday as part of a shareholders’ circular ahead of a September 21st extraordinary meeting in Rotterdam to approve the unification.

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Unilever had initially decided to unify headquarters in Rotterdam, in 2018.

But it cancelled those plans after the Dutch government decided to retain a 15 per cent withholding tax on dividends. Britain does not impose a withholding tax on dividends. – Reuters

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