International
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July 04, 2024
Labour Sweeps Tories From Power In UK Election Rout
Keir Starmer was poised to become Britain's next prime minister on Friday after his Labour Party ousted Rishi Sunak's Conservatives in a landslide general election victory, ending 14 years of Tory government with a pledge of "national renewal."
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July 04, 2024
EU Should Tighten Fiscal Policies In 2025, Advisers Say
European countries using the euro should tighten their fiscal policies "sizably" next year, combining raising taxes with cuts to spending, depending on national circumstances, an advisory board has said.
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July 03, 2024
Ex-Defense Contractor Evaded Taxes On $350 Million, US Says
A former defense contractor and his wife face a 30-count indictment alleging they were involved in a decadeslong scheme to defraud the U.S. government and avoid taxes on more than $350 million in income, the Department of Justice announced Wednesday.
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July 03, 2024
Warren, Other Pols Push Yellen For Corp. Minimum Tax Rules
Sen. Elizabeth Warren and three other lawmakers urged Treasury Secretary Janet Yellen for the department to quickly release regulations to implement the corporate alternative minimum tax in a letter released Wednesday.
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July 03, 2024
Australia Clarifies Hybrid Mismatch Tax Rules
The Australian Taxation Office issued guidance Wednesday further clarifying two aspects of its hybrid mismatch rules designed to prevent multinational corporations from exploiting differences in tax treatment between jurisdictions.
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July 03, 2024
Former OECD Deputy Tax Director Joining KPMG Australia
A former deputy tax director for the Organization for Economic Cooperation and Development is joining KPMG Australia as a partner starting next month, the firm said Wednesday.
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July 03, 2024
Fox Rothschild Hires Pryor Cashman Nonprofit Leads
Fox Rothschild LLP announced Wednesday the hiring of two Pryor Cashman LLP partners for its corporate department in New York.
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July 03, 2024
Slovenia Tax Incentives Impair Decarbonization, OECD Says
Slovenia's reduced tax rates for certain harmful fossil fuels have hurt the country's efforts to limit its carbon emissions, the Organization for Economic Cooperation and Development said Wednesday.
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July 03, 2024
Gibraltar Expects Draft Top-Up Tax Legislation In September
Gibraltar is planning to have legislation ready for consideration in September that would enact the domestic top-up tax portion of the Organization for Economic Cooperation and Development's Pillar Two standards to fight tax base erosion and profit shifting, a government official said Wednesday.
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July 03, 2024
11 Arrested In €30M VAT Fraud Involving Olive Oil, Sugar
An investigation into a €30 million ($32 million) value-added tax fraud scheme based in Portugal involving essential food products such as olive oil and sugar resulted in 11 arrests, the European Public Prosecutor's Office said Wednesday.
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July 03, 2024
Shifting Taxes From Labor Helps Growth, EU Report Says
Well-designed tax systems can support socially inclusive and sustainable growth in the European Union, such as by shifting taxes from labor to environmental and property taxes, the European Commission said.
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July 03, 2024
Tax Pros Want To Ensure Cooperation Between UN, OECD
A group representing more than half a million tax advisers across three continents said Wednesday that governments and stakeholders should ensure that the Organization for Economic Cooperation and Development and the United Nations work closely in forming global tax policy.
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July 03, 2024
Federal Tax Policy To Watch In The 2nd Half Of 2024
Congressional lawmakers are grappling with the looming 2025 expiration of the 2017 GOP tax overhaul, a situation made more difficult by the coming elections in November that could define what, if any, tax legislation is eventually signed into law this year. Here, Law360 examines federal tax policy to watch in the second half of 2024.
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July 02, 2024
NJ Couple Ordered To Pay $2.5M In FBAR Penalties
A New Jersey couple were ordered to pay $2.5 million in penalties and interest for failing to report their foreign bank accounts in Switzerland, according to court documents.
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July 02, 2024
Eaton Needs To Cough Up Docs In IRS Probe, US Says
The U.S. government urged an Ohio federal judge to order power management multinational Eaton to produce records on certain European employees in response to an IRS investigation, arguing the company's contention the court lacks jurisdiction is "pure sophistry."
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July 02, 2024
Saudi Arabia Extends COVID-19 Tax Penalty Exemptions
Saudi Arabia's tax authority extended pandemic-inspired broad exemptions from certain tax-related penalties and fines, such as those for late filings and payments, through the end of the year.
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July 02, 2024
Financial Crime Body Updating Risk Assessment Guidance
An intergovernmental task force announced it is seeking public input on ways it could improve guidance for its process for countries to determine their risks of bad actors using their financial systems for money laundering.
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July 02, 2024
Belgium Delays Pillar 2 Reporting For Some Groups
Belgium's finance ministry on Tuesday pushed back the deadline to Sept. 16 for some entities in scope of its implementation of the OECD's Pillar Two global 15% minimum tax to comply with the country's mandatory notification system.
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July 02, 2024
Netherlands Still A Conduit For Tax Evasion, Report Says
The Netherlands remains a conduit for multinational companies channeling their profits to countries with low tax rates despite some tax measures introduced by the Dutch government, a study sent to Law360 on Tuesday said.
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July 02, 2024
Hungary Envoy Praises Its Low Taxes After PM Slams Min. Tax
Hungary's representative to the European Union said Tuesday that Budapest's low tax rate was instrumental in bolstering the business environment in the country as he responded to a question about his prime minister slamming the global minimum tax.
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July 02, 2024
New Dutch Government Sworn In, Plans Tax Reform
The new four-party conservative Dutch government took office Tuesday on a program that includes tax reform for companies and individuals.
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July 01, 2024
Womble Bond Adds Int'l Tax Partner In Houston Office
Womble Bond Dickinson has added a partner to its corporate and securities group in Houston who will focus on tax law and cross-border transactions, the firm announced.
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July 01, 2024
US-Taiwan Biz Groups Push For True Double-Tax Treaty
Top-ranking Senate members should push for the start of consultations on a bilateral tax treaty to avoid double taxation between the U.S. and Taiwan as opposed to measures already included in a stalled larger bill, two groups focused on business relations between the countries said.
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July 01, 2024
Judge Acquits Firm Co-Founder, 27 Others Over Panama Papers
When authorities raided the now defunct Panamanian law firm Mossack Fonseca as part of their investigation into the international money laundering case known as the Panama Papers, they didn't follow the chain of custody for evidence they seized, so 28 people accused in the conspiracy must be acquitted, a Panamanian judge has ruled.
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July 01, 2024
Nelson Mullins Adds 9-Attorney Tax Team In Houston
Nelson Mullins Riley & Scarborough LLP announced Monday that five partners and four other tax attorneys have joined its new Houston office from Chamberlain Hrdlicka White Williams & Aughtry, including a former Texas Supreme Court justice.
Expert Analysis
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What Value-Added Tax Might Look Like In The US
Christiaan Van Der Valk and Charles Maniace at Sovos consider the value-added tax, a primary source of revenue for many countries, and what it might mean for the U.S. were it implemented to raise funds for large-scale federal initiatives such as President Joe Biden's infrastructure plan.
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US Needs Better, Nonpunitive Approach To Greening Trade
Instead of imposing tariffs on goods produced where foreign governments have assisted in cleaning up the environment, the U.S. should make trade policy green by helping industries reduce their environmental impact and encouraging every foreign government to do the same, say Elliot Feldman and Michael Snarr at BakerHostetler.
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What OECD Scrutiny Means For Anti-Corruption In Brazil
Attorneys at Paul Hastings examine how an unprecedented standing subgroup recently created by the Organization for Economic Cooperation and Development to monitor Brazil's anti-corruption efforts reflects significant uncertainty regarding the country's commitment to enforcement, and what companies can do to address foreign bribery risk and strengthen compliance programs.
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The International Outlook For US Border Carbon Adjustments
The Biden administration may see enacting a border carbon adjustment system as a good way to advance climate goals and protect domestic industries and jobs, but any such plan must take into account the need to respect existing international trade agreements, say attorneys at Akin Gump.
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The Domestic Landscape For US Border Carbon Adjustments
With the Biden administration possibly eyeing border carbon adjustments on imported goods as a means to mitigate climate change, attorneys at Akin Gump discuss such policies' potential benefits to domestic businesses, and the political and technical challenges to their enactment in the U.S.
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Prepare For Global Collaboration In Crypto Tax Enforcement
Recent Internal Revenue Service victories involving John Doe summonses served on cryptocurrency exchanges — and statements by the Joint Chiefs of Global Tax Enforcement about global collaboration in cryptocurrency-related tax investigations — should prompt assessment of prior virtual currency transactions and remediation before an enforcement agency shows up at the door, say attorneys at McDermott.
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10 Things to Know About US Competent Authority Assistance
Taxpayers should consider seeking U.S. competent authority assistance to help eliminate double taxation from a transfer pricing adjustment, especially now that the competent authorities are resolving cases virtually and more quickly, say attorneys at Thompson & Knight.
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US Advance Pricing Agreements, Amid COVID And Before
Steptoe & Johnson's Matthew Frank, former director of the U.S. Advance Pricing Agreement Program, shares insights from an Internal Revenue Service report revealing an uptick in APA completions amid the pandemic, discusses trends over the program's 30-year history, and suggests ways taxpayers and the IRS could bolster program participation.
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Choosing A Branch Or Subsidiary For Overseas Expansion
Samuel Pollack and Naoko Watanabe at Baker McKenzie examine the corporate and U.S. tax law considerations involved in deciding whether a branch or subsidiary is the most efficient way to expand operations overseas, now that recent Treasury regulations clarified the complicated international tax regime created by the Tax Cuts and Jobs Act.
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Key Tax Concerns For Foreign Investors In US Private Equity
Paul D'Alessandro at Bilzin Sumberg examines important tax questions foreigners interested in U.S. private equity investments should ask in advance, including whether the investment will produce active or passive income, be subject to gains tax, and have U.S. estate tax consequences.
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Surveying Global Tax Updates For Sovereign Wealth Investors
As the market transitions to a post-pandemic phase, sovereign wealth fund and other foreign institutional investors must evaluate how recent U.S., EU and U.K. tax changes may affect their private fund investments, say attorneys at Morgan Lewis.
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Coke, 3M Tax Cases May Not Settle Blocked Income Debate
Even if the challenged U.S. Department of the Treasury regulation on blocked income is struck down by the U.S. Tax Court in the pending Coca-Cola and 3M cases, the obligations of a taxpayer that had, but failed to avail itself of, alternative means to secure payment will remain an open question, say Matthew Frank and Amanda Varma at Steptoe & Johnson.
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IRS Should Level The Field For R&D Tax Credits
A recent increase in denials of research and development tax credits to small businesses in the architectural, engineering and construction community shows the Internal Revenue Service should issue new guidance to ensure a fair playing field and an opportunity to continue innovating in the U.S., says Julio Gonzalez at Engineered Tax Services.