International
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November 28, 2024
Police Detain 32 People In Raids On €297M VAT Fraud Network
Police have detained more than 30 people in raids on a €297 million ($313 million) value-added tax fraud network that spanned 16 EU countries, the European Public Prosecutor's Office said Thursday.
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November 28, 2024
EU Closes Tax Investigations Into Amazon, Fiat, Starbucks
The European Commission said Thursday that it is closing tax investigations into three multinational companies — Amazon, Fiat and Starbucks — following a series of high-profile court decisions.
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November 28, 2024
Ex-HMRC Compliance Officer Helped Husband Launder £3M
A former compliance officer with HM Revenue and Customs has been handed a suspended sentence for her role in a £3 million ($3.8 million) money laundering operation carried out by her husband, the Crown Prosecution Service has said.
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November 28, 2024
AXA Loses Time Limits Appeal In HMRC Foreign Tax Claim
Insurer AXA has lost its fight over time limits for bringing claims for restitution against the British tax authority over taxes collected in violation of European Union law, as a London appeals court ruled that the limits could not be extended.
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November 27, 2024
UN Approves Start Of Formal Talks On Global Tax Convention
The United Nations General Assembly voted Wednesday in favor of beginning formal negotiations on a global tax convention next year with the goal of finishing in 2027, a proposal that was led by the body's African bloc and won support from 125 countries.
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November 27, 2024
US Says Prof's 8th Amendment Argument Fails In FBAR Case
An 86-year-old former professor cannot claim that his $545,000 penalty for failing to report foreign bank accounts violates the Eighth Amendment, the U.S. told a federal court, saying the penalty is neither excessive nor a fine, and that he never raised the argument before.
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November 27, 2024
BlueCrest Disputes 'Disguised Salary' Claim In HMRC Case
British-American hedge fund BlueCrest Capital Management LLP pushed back Wednesday against arguments from the U.K. tax authority that its portfolio managers are employees receiving a disguised salary.
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November 27, 2024
US Seeks FBAR Penalties Over $1.7M In Foreign Accounts
A Texas woman should face penalties for willfully failing to disclose foreign bank accounts from 2011 through 2013, which held balances exceeding $1.7 million, the U.S. government told a federal court Wednesday.
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November 27, 2024
UK Gambling Levy Would Generate £100M, Gov't Says
A new levy on U.K. gambling operations would generate £100 million ($127 million), which would be earmarked for funding various ways to combat problem gambling, a government agency said Wednesday.
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November 27, 2024
Info On €12T In Assets Swapped Last Year, OECD Says
Tax jurisdictions using the Organization for Economic Cooperation and Development's automatic exchange of information frameworks swapped information on 134 million financial accounts last year, representing nearly €12 trillion ($12.7 trillion) in assets, according to an OECD forum report.
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November 26, 2024
Ukrainian Man Admits To $25M Staffing, Tax Scheme
A Ukrainian man who was recently extradited to the U.S. to face charges that he helped illegally employ immigrants in Florida hotels pled guilty to tax crimes that prosecutors say caused $25 million in tax losses, according to Florida federal court filings.
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November 26, 2024
Jones Walker Welcomes New Commercial, Tax Atty
Jones Walker LLP has added a corporate partner who practices tax law and negotiates, structures and drafts complex merger and acquisition transactions, financings and related contracts and agreements, the firm said.
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November 26, 2024
Australia Will Enact Pillar 2 Minimum Corporate Tax
Australia will institute the Organization for Economic Cooperation and Development's global corporate minimum tax under legislation enacted Tuesday by Parliament.
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November 26, 2024
Many OECD Gov'ts Need More Tax Transparency, Report Says
Peer reviews found nearly half of OECD countries need to improve their legal frameworks for the automatic exchange of financial account information, a decade-old tax transparency system crafted by the organization, while many developing countries received passing grades, according to a report released Tuesday.
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November 26, 2024
OECD Suggests Indonesia Broaden Its Tax Base
Indonesia should broaden its tax base to account for long-term spending pressures like an aging population, the Organization for Economic Cooperation and Development said Tuesday, while also recommending the country pick up the pace on implementing a carbon tax.
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November 26, 2024
UK Gov't Urged To Hold Off On Changes To Inheritance Tax
The British Labour government should hold off on inheritance tax changes for farmers, scheduled to take effect in April, that would make gifts to their heirs taxable if they occur within seven years of the giver's death, a U.K. economics think tank said.
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November 26, 2024
Two Arrested In €19M VAT Fraud Involving VoIP
Authorities arrested two people Tuesday alleging their participation in a €19 million ($19.9 million) value-added tax fraud scheme involving services that let users make phone calls via the internet, the European Public Prosecutor's Office said.
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November 26, 2024
Gov't, US-Saudi Former Pilot Close $1.2M FBAR Suit
A U.S.-Saudi citizen who's been a pilot and luxury airplane consultant settled his $1.2 million dispute with the U.S. government over bank accounts in Switzerland that the IRS said he failed to report.
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November 26, 2024
IRS Confirms Commerce Payments In Chips Tax Credit
Semiconductor development projects that received funding awards from the U.S. Commerce Department's CHIPS incentives program are considered investments that can also take advantage of the advanced manufacturing tax credit, the Internal Revenue Service confirmed Tuesday in guidance.
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November 26, 2024
UK Gov't Urged To Rethink Inheritance Tax Plan For Pensions
The government should consider alternatives to its plan to bring pension assets within the scope of inheritance tax, an online investment company has said, warning that the current proposals could create "financial gridlock."
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November 25, 2024
Aussie Court Affirms R&D Credit Denial For Basketball Shoe
The Australian producer of a basketball shoe cannot count its activities as research and development for tax purposes because of a lack of details on the shoe's development, the Federal Court of Australia ruled Monday.
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November 25, 2024
Ex-DOJ Attorney Joins Moore Tax Law Group In Chicago
The Moore Tax Law Group has brought on a former trial attorney for the U.S. Department of Justice, Tax Division, the firm announced.
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November 25, 2024
UK Releases Deadlines For Top-Up Tax Payments
The U.K. government issued new guidance detailing how multinational corporations should pay domestic and multinational top-up taxes under the Organization for Economic Cooperation and Development's Pillar Two 15% global minimum tax, providing payment deadlines and methods for compliance.
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November 25, 2024
Aussie Gov't Proposes Green Energy Production Tax Credits
Australia's government has unveiled a sweeping new tax incentive program to accelerate investment in renewable hydrogen and critical minerals in an attempt to meet its commitment to a net-zero energy transformation.
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November 25, 2024
Payments To Exxon Unit Taxable, Australian Panel Says
Exxon Mobil unit Esso is liable for tax on monthly payments it received for processing its Australian business partners' petroleum and on an AU$23.4 million ($15.5 million) lump sum payment, a panel at the Federal Court of Australia said, overturning an earlier judgment at the same court.
Expert Analysis
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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.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.