Brexit Sends Shockwaves
There isn’t room here to consider the political, financial, economic, legal, and diplomatic implications of the Brexit for Britain, the EU, and the world. In any case, this being such an unprecedented and historic event, nobody without shamanistic powers knows what the future holds, and even the most visionary of soothsayers will struggle to tell you how it will all pan out. What we do know is that the EU, for all its manifold faults, is generally liked by multinationals because of the single market and the relative certainty that it offers. And they like Britain in particular because of its EU membership, low corporate tax, flexible labor market, and relatively light regulation (in comparison to other member states at any rate). Hence, a great many of them urged Britain to remain. Time will tell how these multinationals will continue to view the UK in comparison to other countries within the EU and beyond it.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look