May 28, 2023

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Toyota and Nissan will seek tax compensation if Brexit talks fail

TOKYO — Japanese automakers Toyota and Nissan would find reimbursement from Britain if the authorities fails to agree an EU trade deal, the Nikkei financial day-to-day noted on Monday.

The firms are bracing for an supplemental ten{ed0b873b90f1b87a4f3b347f1646a477c6eee9bccb9dcbe5ac9cb67a3d16495a} EU tax on car imports from Britain and are demanding that the authorities pays for these supplemental customs prices, the report stated, without citing sources.

British Prime Minister Boris Johnson on Sunday stated that he did not specially would like for a Brexit transition interval to stop without a new trade deal in area but that Britain could stay with these an consequence.

Officials for Nissan and Toyota had no quick comment when contacted by Reuters.

On the other hand, the report underscores how Britain’s tortuous divorce from the European Union has implications for firms all around the globe, like in Japan, the world’s third-greatest economic climate.

Toyota operates a plant in Derbyshire, central England, and developed about eight{ed0b873b90f1b87a4f3b347f1646a477c6eee9bccb9dcbe5ac9cb67a3d16495a} of the 1.fifty two million cars manufactured in Britain in 2018. It also produces engines at a factory in Wales.

Nissan has a manufacturing plant in Sunderland, northern England, that employs 7,000. That would be “unsustainable” if Britain leaves the EU without a trade deal, Nissan stated in June.