International
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June 25, 2024
EU Leaders To Include Tax Revamp In 5-Year Plan, Draft Says
A targeted makeover of the tax systems in European Union countries will be part of the bloc's top priorities for the next five years as it aims to improve business financing to sharpen its competitiveness, a draft document suggested.
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June 25, 2024
New EU Chair Hungary Eyes Talks On Corp. Tax, But No Deals
Hungary, the incoming chair of meetings of European Union countries, plans to discuss energy taxation and several proposals on corporate taxation during the next six months but doesn't expect to reach any agreements, according to meeting agendas.
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June 24, 2024
Miner Wins $9.6M In Royalty Fight With Colombia
An international tribunal ordered Colombia to pay $9.56 million to a British mining and metals company following a dispute over royalties collected on a nickel mine, as the tribunal concluded that there had been "irregularities" in the way the country calculated the amount due.
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June 24, 2024
UN Tax Work Threatens OECD's Progress, EU Official Says
The United Nations' efforts to consider international tax issues risk upending the early finished work of countries negotiating a global tax plan at the Organization for Economic Cooperation and Development, a top European Commission tax official said Monday.
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June 24, 2024
Better Digital Tax Ban In Pillar 1 Treaty, Treasury Official Says
The final text of a multilateral convention to implement the OECD-designed taxing rights overhaul will include improved language to eliminate existing digital services tax and prohibit prospective ones, a U.S. Treasury Department official said Monday.
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June 24, 2024
Loss Guidance Will Cover Pillar 2, IRS Official Says
Forthcoming guidance to address U.S. tax issues with dual consolidated losses will also include language advising taxpayers how to account for those losses under the Pillar Two global minimum tax, the IRS' top international tax counsel said Monday.
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June 24, 2024
UN Tax Convention Should Be Crafted Carefully, NFTC Says
The United Nations' work toward a framework convention on international tax cooperation is welcome but should be done carefully and with continued input from stakeholders, the National Foreign Trade Council said, providing specific areas of feedback.
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June 24, 2024
German Banker's Cum-Ex Trial Dropped Due To Health
The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.
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June 24, 2024
Asia Tax Transparency Generated €1.8B In Revenue In 2023
Tax transparency measures in 13 Asian jurisdictions collected at least €1.8 billion ($1.9 billion) in extra tax revenue in 2023 alone as such mechanisms continue to be adopted in the region, the Organization for Economic Cooperation and Development reported Monday.
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June 24, 2024
EU Dodges Hungary To Send Ukraine €1.4B In Russian Profits
European Union foreign ministers agreed Monday to send €1.4 billion ($1.5 billion) of windfall profits from frozen and immobilized Russian state assets in military support to Ukraine next month, finding a legal loophole to bypass a potential veto from Hungary.
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June 24, 2024
OECD Tax Plan Issues Still Being Hashed Out, US Official Says
Both the global minimum corporate tax and taxing rights overhaul plans designed by the Organization for Economic Cooperation and Development have outstanding issues that stakeholders are attempting to resolve, a U.S. Treasury Department official said at a conference Monday.
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June 24, 2024
EU States Turn Down Transfer Pricing Proposal, Report Says
European Union countries have declined to accept a new law on transfer pricing that the EU's executive proposed last year, a report published by the body representing EU member states showed Monday.
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June 24, 2024
French PM Hopeful Sees VAT Stay As Anti-Inflation Tool
A hopeful to become the next prime minister of France wants to use the suspension of value-added tax to counter the effects of inflation, an outline of policy proposals released Monday showed.
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June 21, 2024
UK Tax Fraud Cases Rose 49% Over One-Year Period
The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.
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June 21, 2024
Supreme Court Leaves Lifeline For Billionaire Income Tax
The U.S. Supreme Court narrowed but did not entirely block the path to billionaire income tax legislation when the majority's opinion declined to weigh constitutional questions about taxing unrealized gains in its decision to uphold a mandatory repatriation levy.
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June 21, 2024
USTR Warns Canada After Digital Services Tax Enactment
The U.S. Trade Representative's Office remains concerned about Canada's enactment of its digital services tax and is weighing options in defense of potential discrimination against U.S. businesses, a USTR official told Law360 on Friday.
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June 21, 2024
Fed. Circ. Backs Subsidy Duties For Canadian Wind Towers
A Canadian wind tower manufacturer can't get a break on countervailing duties despite being upfront about errors in its sales data, with the Federal Circuit ruling Friday that the errors raise the possibility of additional mistakes.
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June 21, 2024
US Formally Suspends Part Of Tax Treaty With Russia
The U.S. government has provided formal notice to Russia suspending, via mutual agreement, parts of the countries' double-taxation treaty.
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June 21, 2024
Big 4 Continue Push For Broader Irish Dividend Exemption
The Big Four accounting firms reiterated support for Ireland's plans to implement a corporate tax exemption for foreign-sourced dividends and foreign branch profits, but they found the latest proposal still too narrow and complicated to qualify for, according to comments released Friday.
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June 21, 2024
Norway Seeking Feedback On Undertaxed Profits Rule
Norway is looking for feedback on a proposal that would implement the undertaxed profits rule, one component of the Organization for Economic Cooperation and Development's 15% corporate global minimum tax plan, the country's Finance Ministry said.
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June 21, 2024
OECD Official Sees Amount B Deal Helping With Amount A
The Organization for Economic Cooperation and Development is close to a final deal on a key part of its efforts to establish new international taxing rights under Amounts A and B of its Pillar One plans, according to the organization's tax chief.
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June 21, 2024
Taxation With Representation: Travers Smith, Potamitis Vekris
In this week's Taxation With Representation, RSK Group Ltd. gets a £500 million ($632 million) investment, Boston Scientific Corp. acquires Silk Road Medical Inc., Masdar takes a part of Terna Energy SA, and Tate & Lyle PLC buys CP Kelco from JM Huber Corp.
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June 21, 2024
EU Digital Tax Is Backup If Pillar 1 Stalls, French Official Says
Finalizing the Pillar One agreement to reallocate corporate taxing rights globally should remain a paramount goal, but if the effort stalls, the European Union should revive its plan for a digital tax of mostly U.S.-based tech giants, French Finance Minister Bruno Le Maire said Friday.
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June 21, 2024
Estonia Again Blocks Agreement On VAT Deal
For the second straight month, Estonia blocked agreement Friday on a European Union proposal for platform companies such as Airbnb, Uber and Estonia-based Bolt to collect value-added tax on behalf of service providers.
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June 21, 2024
Next UK Gov't Urged To Ease Private Healthcare Insurance Tax
Whoever wins the U.K. election on July 4 should introduce tax breaks on private medical insurance to relieve pressure on the National Health Service, a consultancy warned Friday.
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.