Brexit threatens Taiwan business
 

A report from Price Waterhouse Coopers Taiwan has warned firms with subsidiaries in Britain could well face being stung for extra tax after the European country completes its divorce from the European Union.

According to the Taipei Times, there are 11 of the top Taiwanese countries that have subsidiaries in the UK and PWC has warned that they should seriously consider expanding their business in the UK.

Most of these 11 companies are in the electronics business while none of them are in the financial services sector.

Many of the Taiwanese companies use the UK as a bridgehead to do business with other EU countries but not only face higher taxes but also may face swingeing import duties after Britain exits the union.

PWC calculates that Taiwanese companies invested as much as US$2.94 billion in May although the UK invested close to US$8 billion in the Taiwanese IT powerhouse.

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