International
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September 12, 2024
EU Rejects Minimum Price Offers In Chinese EV Dispute
The European Commission has rejected offers from exporters of electric vehicles made in China to stick to minimum prices that would aim to remove an unfair competitive advantage that the commission believes Chinese state subsidies give the exporters, a commission spokesman said Thursday.
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September 12, 2024
UK Gov't Warned Over Pension Tax Changes In Budget
A trade body for actuaries said on Thursday that the government should consult widely and take time to implement any reform to pension taxation as it joins a growing number of organizations urging caution over potential tax changes ahead of the upcoming Budget.
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September 12, 2024
Treasury Floats Long-Awaited Rules For Corp. Minimum Tax
Treasury and the IRS released eagerly awaited rules Thursday on the new 15% corporate alternative minimum tax on corporations with reported profits of $1 billion or more, taking a step toward implementing a key provision of President Joe Biden's signature 2022 tax and climate law.
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September 12, 2024
Danish Pharma Co. Is Entitled To VAT Reduction
A Danish pharmaceutical company's mandatory payments for value added tax should lower the company's taxable base, the European Court of Justice ruled on Thursday.
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September 11, 2024
EU Struggles With Setup Of G7 Use Of Frozen Russian Assets
European Union countries are struggling to agree on a legal solution to reassure the U.S. that windfall profits from frozen and immobilized Russian state assets will be used to repay a $50 billion loan to Ukraine over the entire length of the loan.
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September 11, 2024
McCarter & English Recruits EY Tax Pro In New Jersey
McCarter & English LLP has bulked up its tax and employee benefits team in New Jersey with a longtime Ernst & Young expert at a time when the Garden State's business community is bracing for regulations on a series of corporate tax reforms.
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September 11, 2024
Dentons Adds 2 Corp. Pros In Dublin From US Rivals
Dentons has recruited two new corporate partners to its Dublin office from U.S. rivals as it looks to expand its mergers and acquisitions practice in the Irish market and capitalize on its global footprint.
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September 11, 2024
Latham Hires Senior Tax Pro From Travers Smith In London
Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.
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September 11, 2024
European Commission Urged To Review Tax Laws
The European Commission, the executive branch of the European Union, should analyze its tax regulations to help avoid overlap and potential over-regulation, a body representing tax professionals has said.
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September 10, 2024
Wealthiest 0.01% Had 34% Average Tax Rate, JCT Says
The income group constituting the top 0.01% wealthiest individuals had an average federal tax rate of 34% in 2019, the Joint Committee on Taxation said in a report on high-income and high-wealth taxpayers.
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September 10, 2024
UK Court OKs Nix Of Partners' Tax Deduction For Amortization
A lower court was correct in ruling that a trio of U.K. entities that formed a limited liability partnership cannot take a tax deduction for the amortization of intangible assets they contributed to the LLP against their share of the profits, the Upper Tribunal ruled.
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September 10, 2024
UK's Capital Gains Tax Should Mirror Labor Rate, Report Says
Capital gains tax changes should be a key part of the United Kingdom government's October budget statement, a leading British think tank said Tuesday, recommending that the government equalize capital gains tax with the dividend tax and income tax.
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September 10, 2024
State Pension Likely To Rise 4% Under Triple Lock
The U.K. government is likely to push through an inflation-busting increase to the state pension of approximately £460 ($600) a year from April, after official figures revealed on Tuesday a rise in average earnings.
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September 10, 2024
Apple Illegally Obtained €13B In State Aid, Top EU Court Rules
The European Union's highest court ruled on Tuesday that Ireland illegally granted Apple state aid in past tax rulings, requiring the U.S. technology giant to repay €13 billion ($14.3 billion) in back taxes as well as interest.
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September 09, 2024
Russia Says DC Circ. Ruling Erodes $5B Award To Yukos
A recent D.C. Circuit ruling that Spain must comply with $395 million in arbitration awards awarded to Yukos Oil's financing arm undermines the company's $5 billion claim against Russia because the country, unlike Spain, never ratified the international treaty on which the court relied, Russia has told a D.C. federal court.
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September 09, 2024
Tax Court's Take Shouldn't Loom Over Kyocera Case, US Says
The U.S. Tax Court's opinion that allowed a company to treat a gross-up for taxes paid by its foreign subsidiaries as a dividend received goes against what Congress intended and shouldn't be applied to Kyocera's similar claims, the U.S. Department of Justice told a South Carolina federal court.
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September 09, 2024
Bradley Arant Adds Katten Partner In Dallas
Bradley Arant has hired a six-and-a-half-year veteran of Katten Muchin Rosenman LLP who is joining the firm's corporate and securities practice in Dallas as a partner.
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September 09, 2024
Australia, Slovenia Reach Deal On Double-Tax Treaty
Australia and Slovenia have agreed to a treaty to prevent double taxation between the two countries, which would come into force after approval by both countries' legislatures, Australia's Treasury said Monday.
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September 09, 2024
EU Should Loosen Merger Rules To Compete, Report Says
The European Union should loosen its merger rules and reform trade policy and the energy market in order to boost EU competitiveness enough to catch up with the U.S. and China, a former European Central Bank president reported Monday.
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September 09, 2024
Tax Compliance Costs Keeps EU Firms Small, Report Says
The high cost of tax compliance and the challenges presented by differing regulatory environments encourage European companies to stay small, potentially harming the European Union's competitiveness, according to a report by a former European Central Bank head published on Monday.
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September 09, 2024
HMRC Fails To Nab £4B In Small-Biz Tax Evasion, Report Says
HM Revenue & Customs has failed to stop small businesses from dodging more than £4.4 billion ($5.8 billion) in taxes because it lacks a focused strategy to tackle different tax evasion schemes, the U.K.'s National Audit Office reported Monday.
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September 06, 2024
Federal Tax Policies To Watch In The Rest Of The Year
As Congress returns to Washington, D.C., after the August recess, proposals including disaster tax relief and an agreement to provide tax treaty-like benefits to Taiwanese residents could be readied to be included in year-end legislation. Here, Law360 examines federal tax policies to watch during the last four months of 2024.
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September 06, 2024
FDII Covers Overseas Services For US Gov't, Memo Says
Government contractors that provide services to U.S. operations overseas are allowed to claim the deduction for foreign-derived intangible income, the IRS said in one of two internal memos released Friday that address foreign income issues.
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September 06, 2024
Broaden Tax Bases For Cleaner Energy Transition, EU Says
The impact on government revenues from the transition to cleaner energy, including diminishing fossil fuel tax receipts and increased spending on subsidies supporting green technology, necessitates that countries develop broader tax bases, the European Commission said.
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September 06, 2024
4 Key Complications 3 Years After Pillar 2
Three years ago, countries around the world outlined an agreed-upon minimum corporate tax system in an eight-page document that couldn't have foreseen the full scope of complications that later emerged during implementation, including frictions with existing tax laws. Here, Law360 looks at four key issues that countries and multinational corporations are grappling with as Pillar Two turns three.
Expert Analysis
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7 Common Myths About Lateral Partner Moves
As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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US-Chile Tax Treaty May Encourage Cross-Border Investment
Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.