International
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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.
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November 25, 2024
Feds Violated Atty-Client Rules, Tax Evasion Defendant Says
A Brazilian-American businessman accused of using Swiss bank accounts to hide $20 million from the Internal Revenue Service asked a Florida federal court to dismiss all the charges against him, saying federal prosecutors improperly gained access to information protected by attorney-client privilege.
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November 25, 2024
IRS Corrects Advanced Manufacturing Production Credit Regs
The Internal Revenue Service issued a correction notice Monday concerning final rules for the advanced manufacturing production credit.
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November 25, 2024
Tax Hikes Will Make It Harder To Hire, UK Industry Chief Says
Businesses will hire fewer workers as a result of raising employers' National Insurance contributions, a payroll levy, that was introduced in the autumn budget, the chief of one of Britain's most influential industry groups said Monday.
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November 22, 2024
Trump Taps Hedge Fund Billionaire Bessent To Head Treasury
President-elect Donald Trump on Friday announced that he's selected Scott Bessent, a billionaire hedge fund manager and the founder of Key Square Group, to serve as secretary of the Treasury in his upcoming administration.
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November 22, 2024
IRS Extends Domestic Content Relief For Energy Credits
Nonprofits, tribal governments, public utilities and other tax-exempt groups eligible for a direct cash payment of their clean energy tax credits can get relief from meeting the domestic content requirements tied to those incentives for 2025 and 2026 under IRS guidance released Friday.
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November 22, 2024
Canada Proposing 2-Month GST Holiday For Groceries, Gifts
Canada's government is sending a proposal to its Parliament that would implement a two-month goods-and-services tax holiday starting in mid-December on goods ranging from certain groceries to Christmas trees.
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November 22, 2024
Isle Of Man Parliament Passes OECD's Global Minimum Tax
The Isle of Man's Parliament approved a bill implementing two portions of the Organization for Economic Cooperation and Development's 15% global minimum tax on large multinational entities making at least €750 million ($781 million) annually, starting in 2025.
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November 22, 2024
IRS Ignores Text In $248M Fight, Liberty Global Tells 10th Circ.
The Internal Revenue Service is incorrectly applying the U.S. tax code in denying Liberty Global's claim for $248 million in foreign tax credits tied to its sale of a Japanese affiliate, the telecommunications company told the Tenth Circuit.
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November 22, 2024
Halliburton Omitted Grounds From $35M Refund Suit, US Says
A Texas federal court must dismiss parts of Halliburton's $35 million tax refund lawsuit because the company failed to raise two grounds of relief in its administrative claim for a refund, the U.S. argued.
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November 22, 2024
Taxation With Representation: Stradley Ronon, Davis Polk
In this week's Taxation With Representation, Amcor PLC buys Berry Global Group Inc., AeroVironment buys BlueHalo, Robinhood Markets Inc. acquires TradePMR, and Comcast Corp. spins off a suite of NBCUniversal cable television networks.
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November 22, 2024
2 Convicted In €3.7M EU VAT Fraud Scheme
A German court convicted two people for their roles in a value-added tax fraud scheme involving small electronic goods that caused an estimated €3.7 million ($3.86 million) in lost tax revenue, the European Public Prosecutor's Office said.
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November 22, 2024
Spain Raises Bank Windfall Levy, Enacts Minimum Tax
The Spanish government is set to increase its windfall tax on banks with more than €5 billion ($5.2 billion) in income as well as implement a minimum corporate tax on multinational companies following a vote by lawmakers.
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November 21, 2024
EU Official Says GILTI Changes Could Nullify Pillar 2 Backstop
The U.S. has an opportunity to shield multinationals from the Pillar Two 15% global minimum tax backstop rule in other jurisdictions by revising its tax on global intangible low-taxed income next year, a European Union tax official said Thursday.
Expert Analysis
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Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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What To Make Of Dueling Corporate Transparency Act Rulings
Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.
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The Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Ruling On Foreign Dividend Break Offers 2 Tax Court Insights
In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.