Dutch plan for Unilever 'Exit Tax' over shift to London won't work, says legal adviser
Reuters
Published Oct 09, 2020 07:01AM ET
AMSTERDAM (Reuters) - Levying a tax on Unilever (L:ULVR) as it unifies its British-Dutch structure by shifting to a single London headquarters would be "irresponsible", the Dutch government's legal advice body said on Friday.
Unilever has said an "Exit Tax" bill introduced by an opposition lawmaker did not appear legal and, if passed by the Dutch parliament with retroactive force, would cost the company 11 billion euros ($13 billion), enough to derail unification.
The Netherlands' Council of State said in advice published on Friday that "the deep changes to the dividend taxation system that the lawmaker proposes" were not in line with the rule of law and would be "irresponsible" if imposed.
($1 = 0.8474 euros)
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Written By: Reuters
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