International
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November 15, 2024
OECD Dispute Resolution Caseload Drops For First Time
The number of open dispute resolution cases under the OECD's mutual agreement procedure decreased nearly 4% in 2023, the first time the OECD observed an annual drop in such cases, it said Friday.
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November 15, 2024
Taxation With Representation: Cravath, MoFo, Gibson Dunn
In this week's Taxation With Representation, Cardinal Health takes a majority stake in GI Alliance and acquires Advanced Diabetes Supply Group, Just Eat offloads Grubhub to Wonder Group, Rivian Automotive and Volkswagen Group launch a joint venture, and Ovintiv Inc. buys Montney Basin assets from Paramount Resources Ltd.
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November 15, 2024
Authorities Uncover €5M VAT Fraud Involving Chinese Imports
A European Public Prosecutor's Office investigation uncovered a scheme involving the importation of Chinese textiles into the EU through Greece and headed to the French market that caused an estimated €5.2 million ($5.5 million) in lost value-added taxes and custom duties, the office said Friday.
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November 15, 2024
OECD Tax Forum Commits To Transforming Tax Systems
The OECD's Forum on Tax Administration, made up of representatives from more than 50 tax jurisdictions, agreed to a set of initiatives Friday intended to drive a "transformation" in global tax administration focused on reducing tax gaps and compliance burdens while increasing tax certainty.
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November 15, 2024
Ireland Forecast To Gain Budget Surplus From Apple Case
The Irish government's budget surplus is expected to rise to 4.4% of gross domestic product next year, much of that as a result of the European Court of Justice's ruling against U.S. tech giant Apple, according to an economic forecast published Friday.
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November 14, 2024
Widow Owes $613K After Mexican Tax Dodge, US Tells Court
The widow of a Texas man faces $613,000 in penalties that her husband incurred by failing to report his foreign bank accounts, the U.S. told a federal court, arguing that she participated in a Mexican real estate transaction to avoid paying the penalties he owed.
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November 14, 2024
Australia Delays Country-By-Country Reporting Deadlines
Entities that have country-by-country reporting obligations for the period ending Dec. 31, 2023, received an automatic one-month extension to file such documents, pushing the deadline to the end of January, the Australian Taxation Office said.
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November 14, 2024
IRS Asks Court To Toss Woman's Inheritance Tax Penalty Suit
A woman who missed the deadline for reporting that she received a $350,000 inheritance isn't allowed to sue the IRS for acting arbitrarily in charging her a late penalty because other remedies to her complaint are available to her, the agency told a California federal court Thursday.
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November 14, 2024
Australia Bill Seeks To Expand Rules On Reporting Ownership
Australia's government wants to fight tax avoidance by making owners of equity derivatives disclose significant owners to regulators and investors, expanding access to that information and giving securities regulators new powers to issue freezing orders for noncompliance, the Australian Treasury said Thursday.
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November 14, 2024
OECD Sees Carbon Pricing Growth Coming After Crisis
While the 2022 energy crisis drove down effective carbon excise tax rates and stalled out the percentage of greenhouse gas emissions covered by such taxes or emissions trading systems, the OECD said Thursday that it expects an increase in covered emissions over the next five years.
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November 14, 2024
EC Challenges German Capital Gains Tax In EU High Court
The European Commission said Thursday that it is referring Germany to the Court of Justice of the European Union over the commission's claims that the country's capital gains tax of certain real estate transactions infringes on the free movement of capital.
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November 14, 2024
European Police Detain 43 Suspects In €520M VAT Fraud
European police detained 43 suspects linked to a value-added tax fraud scam valued at €520 million ($550 million) in a cross-border operation against organized crime, law enforcement agencies said Thursday.
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November 13, 2024
South Africa Considering Adjustments To Carbon Tax Regime
South Africa's National Treasury is looking for public comments on proposed adjustments to its carbon tax regime, including cutting the basic tax-free threshold for emissions by more than half over the next decade, it said Wednesday.
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November 13, 2024
$545K FBAR Fine Is Unconstitutional, Ex-Professor Tells Court
An 86-year-old former college professor's penalty of $545,000 for failing to report foreign bank accounts is excessive and violates the Eighth Amendment, he told a California federal court.
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November 13, 2024
90% Of Taxes Paid Online In 48 Jurisdictions, OECD Says
About 90% of all taxes in 48 jurisdictions surveyed by the Organization for Economic Cooperation and Development were paid electronically in 2022, an increase of about 10 percentage points from 2018, the organization said Wednesday.
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November 13, 2024
UK Court Revives $14M Share Of Tax Case Vs. Booze Shipper
The British First-tier Tribunal incorrectly dismissed evidence supporting a more than £11.1 million ($14.1 million) penalty assessment against a businessman accused of alcohol smuggling but was correct to dismiss £22.5 million in related assessments for lack of evidence, the U.K.'s Upper Tribunal ruled.
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November 13, 2024
Norwegian Tax Head Named Vice Chair Of OECD Tax Forum
The director of the Norwegian Tax Administration has been named vice chair of the Organization for Economic Cooperation and Development's Forum on Tax Administration, the Norwegian agency said Wednesday.
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November 13, 2024
NZ Lays Out Tax Work Priorities Aimed At Economic Growth
New Zealand's Inland Revenue Department published overarching priorities Wednesday for the government's work on the country's tax regime in the name of improving the overall economy.
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November 13, 2024
Trump, GOP Victories May Imperil OECD Global Tax Plan
President-elect Donald Trump's and Republicans' victories in the U.S. elections this month call into question whether the OECD's two-pillar global tax plan can be effectively implemented and whether the plan's minimum tax backstop rule can be applied amid threats of retaliatory tax measures by the U.S.
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November 13, 2024
UK Tax Hikes Will Drive Inflation, Industry Group Head Says
The U.K. is set for more price rises in shops as a result of the tax increases in the autumn budget hitting many businesses, the chairman of a retail industry group warned Wednesday.
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November 12, 2024
UK Insurance Co. Entitled To Refund Of Dutch Dividend Tax
A U.K. insurance company is entitled to a refund of taxes levied by the Netherlands on dividends from Dutch companies because the tax restricts the free movement of capital, the Court of Justice of the European Union ruled.
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November 12, 2024
Treasury's Energy Tax Perk Regs On Track Despite Trump Win
The U.S. Treasury Department still plans to finalize remaining clean energy tax credit regulations by the end of this year despite President-elect Donald Trump's campaign promise to unravel the 2022 climate law that enacted them, a Treasury spokesperson told Law360 on Tuesday.
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November 12, 2024
Developing Countries Should Raise Property Taxes, IMF Says
Property tax revenues could be at least 10 times higher in developing countries if their governments used new technologies and made certain system changes, the International Monetary Fund said, though it acknowledged the political difficulties of increasing such tax rates.
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November 12, 2024
Treasury To Host Webinar For Beneficial Ownership Info Filing
The U.S. Treasury Department's Financial Crimes Enforcement Network will host a free webinar Nov. 19 to aid companies that need to file their initial beneficial ownership information under the Corporate Transparency Act by the start of 2025.
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November 12, 2024
Squire Patton Boggs Hires Tax Expert In Irish Expansion
Squire Patton Boggs hired a senior associate from Eversheds Sutherland as part of building a tax strategy practice in Ireland, the firm said.
Expert Analysis
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.