International
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July 26, 2024
Australia Clarifies Tax Treatment Of Exploration, Land Rights
The Australian government has amended its petroleum resource rent tax to clarify what is considered "exploration for petroleum" for tax purposes, and changes are coming soon regarding the depreciation of mining, quarrying and prospecting rights, the Australian Taxation Office said.
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July 26, 2024
EU Closes Investigation Into Repealed Hungarian Ad Tax
The European Commission said Friday it has closed its nearly decadelong investigation into a Hungarian advertisement tax that it said violated the European Union's state aid rules, noting that the country has repealed the law in question.
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July 26, 2024
EU Frees Up €1.5B Of Frozen Russian Assets To Aid Ukraine
The European Union's executive branch said Friday that it is freeing up €1.5 billion ($1.6 billion) of revenue generated from immobilized Russian assets to aid Ukraine in defending itself against the Russian invasion.
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July 25, 2024
Global Tax Revamp Continues To Progress, OECD Tells G20
Implementation of the Pillar Two minimum tax portion of the OECD's international plan to address tax base erosion and profit shifting is well underway, while an agreement is close on the Pillar One taxing rights overhaul, the organization told the Group of 20 nations Thursday.
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July 25, 2024
UK Telecom Co. Owes VAT For Phone Plans In £51M Dispute
A U.K. telecommunications provider will not recover £51.1 million ($65.7 million) in value-added tax payments after the First-tier Tribunal ruled that VAT is chargeable on phone plans from the point of sale, not when the services are used.
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July 25, 2024
Global Tax Police Unit Probes More Than 30 Cybercrime Cases
The Joint Chiefs of Global Tax Enforcement, an intergovernmental tax enforcement group, is investigating more than 30 active cybercrime cases tied to financial and tax criminal activities all over the world, the group announced Thursday in its first report.
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July 25, 2024
Income Inequality Calls For Stronger Tax Policies, OECD Says
More focus is being drawn to stronger tax policies as a way to solve persistent income inequality, especially in light of the continually increasing concentration of wealth by the top 0.001% of earners, the Organization for Economic Cooperation and Development said Thursday.
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July 25, 2024
Mixed Progress Made On Beneficial Ownership, OECD Says
The U.S., Japan and the European Union now have wide-reaching beneficial ownership registries in place, but many jurisdictions worldwide aren't effectively exchanging data on the owners of legal entities, the OECD said Thursday in a report based on peer reviews.
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July 25, 2024
Australian Officials Defend Basis for Tax Reporting Framework
Australia's public corporate tax disclosure legislation builds on global standards that could provide more insights into profit shifting risks than European Union reporting rules, Australian government officials said Thursday in response to calls for closer alignment between the two regimes.
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July 25, 2024
Billionaire Tax Not Fit For Global Agreement, Yellen Says
The U.S. government doesn't think it's appropriate to seek a global agreement on taxing billionaires, Treasury Secretary Janet Yellen said Thursday ahead of a discussion by the Group of 20 nations on coordinating wealth taxes.
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July 25, 2024
58 Jurisdictions Plan For Crypto Info Swaps By 2027
Fifty-eight tax jurisdictions have pledged to implement the Organization for Economic Cooperation and Development's crypto-asset information exchange system by 2027, the OECD said Thursday.
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July 25, 2024
Wyden Seeks Swiss Bank Info On Indicted Defense Contractor
Senate Finance Committee Chairman Ron Wyden asked Swiss bank UBS in a letter published Thursday for information about a former U.S. defense contractor who the Department of Justice says avoided taxes on more than $350 million in income.
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July 25, 2024
Clark Hill Adds Tax And Estate Atty From Plunk Smith In Texas
A former Plunk Smith PLLC senior associate jumped to Clark Hill in Collin County, Texas, to serve as a member in the tax and estate planning practice, the firm announced Thursday.
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July 25, 2024
GOP Control Could Muddle Tax Picture For Multinationals
Republican lawmakers and former President Donald Trump could create more confusion for multinationals with their tax and trade policies if they sweep the U.S. elections in November, because they are likely to pursue retaliatory measures in opposition to the OECD's global tax rewrite.
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July 25, 2024
Cyprus Consents To Pillar 2 Safe Harbor Rules
Cyprus has formally consented to the Organization for Economic Cooperation and Development's Pillar Two safe harbor rules, continuing its support for the organization's push against tax base erosion and profit shifting despite not being a full member, the Cypriot finance ministry said.
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July 25, 2024
Gov'ts Seek Info On Foreign Real Estate Holdings, OECD Says
Governments are keen to receive information on their residents' foreign real estate holdings, especially related to disposals and regular income from owning properties, which could be achieved with a new treaty under the existing tax transparency framework, the OECD said Thursday.
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July 25, 2024
Belgium Taken To EU Court Over Deposit Exemption Rules
The European Union's executive branch said Thursday that it is taking Belgium to court alleging that the country's system of exempting remuneration of savings deposits from tax violates EU law.
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July 24, 2024
Int'l Firm Garrigues Merges With Full-Service Mexican Firm
International legal and tax services firm Garrigues will create one of the largest law firms in Mexico by integrating a full-service Mexican firm into the group by the end of 2024, both firms announced.
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July 24, 2024
Nigerian Parliament Passes 70% Bank Windfall Levy
The upper house of Nigeria's Parliament passed an amendment to its finance bill that included a 70% one-time levy on banks' foreign exchange gains, an increase over the 50% rate originally proposed by the country's president.
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July 24, 2024
IRS' $15M Jeopardy Assessment OK'd In Offshore Tax Fight
A Florida federal court has upheld a $15 million immediate tax assessment against a man who transferred his father's estate into trusts for himself and his mother and refused to pay what the IRS claimed was tax debt on his father's undisclosed offshore accounts.
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July 24, 2024
Affordable Housing Pro Moves Practice To Nelson Mullins
An attorney who specializes in advising clients on completing affordable housing development projects has recently moved her practice to Nelson Mullins Riley & Scarborough's Pittsburgh office.
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July 24, 2024
HMRC Wins Battle Over Candy Maker's Holiday Fund Scheme
HM Revenue & Customs has convinced an appeals tribunal that a Scottish sweet maker must compensate its employees for salary deductions it put aside in "holiday funds," with the judge finding the scheme ran afoul of national minimum wage regulations.
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July 24, 2024
Germany Failing To Address Nonprofits' Tax Status, EU Says
Germany has failed to make any progress addressing uncertainty surrounding the tax-exempt status of nonprofit organizations a year after the European Commission recommended it do so, the commission said Wednesday.
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July 24, 2024
Dentons Brings On Former Big 4 Exec As New Global CEO
Global law firm Dentons, which has made a name for itself by aggressive growth through combinations, has tapped a new global chief executive officer with leadership experience at accounting giant EY, the firm's first change at the top in over a decade.
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July 24, 2024
Phillips Lytle Private Wealth Pro Joins Gunster In Florida
Gunster has announced that the firm picked up an of counsel for its private wealth services team in West Palm Beach, Florida, from Phillips Lytle LLP, as well as three associate attorneys.
Expert Analysis
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How Firms Can Ensure Associate Gender Parity Lasts
Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.
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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.