Skip to comments.Unilever shareholders approve move to the UK But FTSE giant still faces a further hurdle, with the Dutch weighing up a law to impose an 'exit tax'
Posted on 10/12/2020 9:46:16 PM PDT by sinsofsolarempirefan
Unilevers UK shareholders have voted overwhelmingly in favour of plans to move the Marmite owner's legal base to London, despite warnings that a vote on a proposed exit tax if it leaves the Netherlands could go down to the wire.
The shift to a single legal headquarters in Britain was backed by 99.5pc of voting investors at a meeting on Monday, bringing the firm one step closer to abandoning its dual-headed Anglo-Dutch structure after 90 years.
Dutch investors in Unilever, which also owns Dove soap and Ben & Jerrys ice cream, approved the move with 99.4pc support last month.
But analysts warned that Unilever's proposals may yet be derailed by the plans for a Dutch exit tax, which could cost the firm 11bn.
Legislation proposed by the opposition GreenLeft (GroenLinks) party would impose a levy on firms with annual revenues of more than 750m that relocate their headquarters abroad in an effort to prevent large companies from leaving Holland.
(Excerpt) Read more at telegraph.co.uk ...
I bet the state of California is watching this.
Oh, absolutely! That is one thing Democrats excel at: the use of taxation as a behavioral modification tool.
Unilever should tell the Dutch that if such an exit tax is enacted, Unilever will pay the tax & leave but will do no further business with the Dutch, neither sales nor purchases nor employment - nothing, to avoid future tax traps in the future.
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