Panasonic plans to move its European headquarters from Britain to the Netherlands later this year over concerns about potential tax issues related to Brexit.

The Japanese company's move is the latest sign of concern from the business community over the protracted Brexit negotiations.

"We will move our European headquarters to the Netherlands," a spokeswoman for the firm told Agence France-Presse, confirming a report in the Nikkei business daily about the electronics giant's decision.

Laurent Abadie, CEO of Panasonic Europe, told the Nikkei that the headquarters would move from outside London to Amsterdam in October.

The decision was sparked by fears that Japan could treat Britain as a tax haven after Brexit if London decides to lower its corporate tax rate in a bid to attract businesses, he said.