International
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August 16, 2024
UN Votes For Global Services As First Priority Under Tax Pact
The United Nations voted Friday to make taxation of cross-border services the most prioritized topic for a legally binding agreement to be finalized by late 2027 alongside the organization's framework convention on international tax cooperation.
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August 16, 2024
IRS To Let Private Cos. Into Real-Time Biz Audit Program
The Internal Revenue Service is opening its compliance assurance process real-time audit program to privately held C corporations, including foreign-owned ones, for 2025, the agency announced.
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August 16, 2024
Taxation With Representation: Cleary, Kirkland, Skadden
In this week's Taxation with Representation, Mars Inc. sets a 2024 record with its $36 billion acquisition of Kellanova, Carlyle inks a $3.8 billion purchase with Baxter International Inc., and Performance Food Group Co. agrees to a $2.1 billion cash deal with Cheney Bros. Inc.
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August 15, 2024
Doctor Wants Contempt Fine Dropped In Foreign Asset Case
A doctor who incurred $1.1 million in liabilities for failing to report his foreign bank accounts is asking a Michigan federal court to waive his $20,000 civil contempt fine because the court restricted his only financial assets to paying the liabilities.
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August 15, 2024
Tax Pros Navigate Chaos, Rewards In Climate Law's 2nd Year
Energy tax attorneys have been knee-deep in project finance deals for the past year since the Inflation Reduction Act of 2022 triggered a flurry of clean energy investments, but the work, they say, has been fulfilling as part of broader efforts to save the environment.
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August 15, 2024
Taxes Could Be Key To Cutting Crypto Emissions, IMF Says
The growing environmental impact of crypto-asset mining and related data centers could be mitigated with tax measures aimed directly at such facilities, the International Monetary Fund said Thursday.
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August 15, 2024
Germany Seeks Input On Tightened Transfer Pricing Rules
Germany is poised to make multinational corporations responsible for showing the economic necessity of intra-group, cross-border debt relationships when they deduct expenses for financing with borrowed capital, according to a consultation by the federal government.
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August 15, 2024
Finland To Have EU's 2nd-Highest VAT Rate Starting Sept. 1
Finland's general value-added tax rate will jump to 25.5% from 24% starting Sept. 1, the country's tax agency said Thursday, putting it behind only Hungary for the highest VAT rate in the European Union.
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August 15, 2024
Aussie Senate Economics Committee OKs 15% Min. Tax Bill
The Australian Senate's Economics Legislation Committee said it supports the passage of a three-bill package that would implement the OECD's 15% global corporate minimum tax on large multinational entities, sending it to the entire Senate for approval.
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August 15, 2024
UK Plastic Packaging Tax Revenue Dipped By 6%
The U.K. collected £268 million ($344 million) from its tax on certain plastic packaging manufactured in or imported into the country in the 2023-2024 fiscal year, down 6% from the £285 million the year prior, HM Revenue & Customs said Thursday.
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August 14, 2024
PwC Owes $11M For Tax Errors, Real Estate Group Says
PwC should pay £8.9 million ($11.4 million) in damages to a real estate group for miscalculating its tax liabilities and mispricing its properties, which prompted several additional assessments and penalties, according to a claim in a London court.
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August 14, 2024
Baker McKenzie Adds Tax Expert To Monterrey Office
Baker McKenzie has added a partner from Turanzas Bravo & Ambrosi to its Monterrey, Mexico, office who brings more than 15 years of experience practicing international trade law with a focus on taxation and customs-related litigation.
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August 14, 2024
Kenya Tax Court Finds Chinese Firm Dodged $7.8M VAT
A Kenyan tax court affirmed an assessment that found a China-based firm used a series of shell companies to dodge over 1 billion Kenyan shillings ($7.8 million) in value-added tax payments, the Kenya Revenue Authority said Wednesday.
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August 14, 2024
Swiss Seeking Input On Delays Of Crypto-Asset Info Exchange
Switzerland's executive body, the Federal Council, is looking for public input on when it should begin automatically exchanging financial information regarding crypto-assets with countries with which it already has set up general automatic exchange of information agreements, its finance ministry said.
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August 14, 2024
EU General Court Jurisdiction Expanded To VAT Cases
The General Court of the European Union will be able to make preliminary rulings in cases involving the EU's common system of value-added taxes starting Oct. 1, following an expansion of the court's jurisdiction.
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August 14, 2024
Pros Lament Lack Of Ownership Clarity In New EU Law
The lack of a clear beneficial ownership definition in new European Union legislation designed to speed up the repayment of withholding taxes represents a missed opportunity — and could cause confusion for investors about whether they are in fact eligible for a refund, tax professionals say.
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August 14, 2024
Other Price Rises Offset German Tampon VAT Cut, Study Says
Germany's reduction in the value-added tax on female sanitary products, such as tampons, has led to higher prices on panty liners, a Munich-based think tank said in a news release Wednesday.
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August 13, 2024
Walz Backed Tax Hikes Funding Plans For Children, Families
As Minnesota's governor, Democrat Tim Walz, now the presumed vice presidential nominee of his party, separated himself from most other governors by signing into law numerous tax increases funding progressive priorities such as a paid family leave plan and the nation's largest child tax credit.
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August 13, 2024
Treasury's Loss Rules Take Broad Approach To Min. Tax Deal
The U.S. Treasury Department recently dashed the hopes of multinational corporations seeking regulations that would have carved out an international minimum tax agreement from interacting with long-standing domestic rules aimed at preventing companies from using the same economic loss twice.
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August 13, 2024
Firm Asks Court To Reconsider $1.5M Freeze In Tax Dispute
A Baltimore law firm that sued the IRS for freezing $1.5 million in its operating account to satisfy a client's tax debts told a Maryland federal court it was "dead wrong" in denying the firm's request to release the money without going to trial.
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August 13, 2024
Developing Countries Defend 3-Year Deadline For UN Tax Pact
Three years is enough time to finish writing a United Nations framework convention on international tax cooperation, Brazil, India, Nigeria and other developing countries said Tuesday in defense of a proposed timeline that was criticized by Canada, the U.S. and France.
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August 13, 2024
Canada Seeking Comments On Global Min. Tax, Capital Gains
Canada's government is seeking comments from the public on a wide range of tax proposals included in its 2024 budget, including the introduction of the OECD's global minimum tax on large multinational corporations and adjustments to the country's taxation of capital gains, the government announced.
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August 13, 2024
HMRC Collected £384M In Soccer Tax Crackdowns, Firm Says
HM Revenue & Customs has recovered £384 million ($494 million) in taxes through investigations into soccer clubs, players and agents over the past five years, including £67.5 million in the past year alone, a U.K. accounting firm said.
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August 13, 2024
Finland Seeking Input On Global Min. Tax Changes
Finland's Ministry of Finance is seeking input on proposed changes to the country's implementation of the OECD's 15% global minimum tax on large multinational corporations, including clarifications, though it said the changes wouldn't impact the core principles of the law.
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August 13, 2024
Int'l Tax Projects Must Seek Consensus, Finance Ministers Say
Any international tax policy project should focus on consensus-based solutions in order to keep competitive conditions fair, a group of finance ministers from German-speaking countries said Tuesday.
Expert Analysis
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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.
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7 E-Discovery Predictions For 2024 And Beyond
The legal and technical issues of e-discovery now affect virtually every lawsuit, and in the year to come, practitioners can expect practices and policies to evolve in a number of ways, from the expanded use of relevancy redactions to mandated information security provisions in protective orders, say attorneys at Littler.
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5 Litigation Funding Trends To Note In 2024
Over the next year and beyond, litigation funding will continue to evolve in ways that affect attorneys and the larger litigation landscape, from the growth of a secondary market for funded claims, to rising interest rates restricting the availability of capital, says Jeffery Lula at GLS Capital.
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4 Legal Ethics Considerations For The New Year
As attorneys and clients reset for a new year, now is a good time to take a step back and review some core ethical issues that attorneys should keep front of mind in 2024, including approaching generative artificial intelligence with caution and care, and avoiding pitfalls in outside counsel guidelines, say attorneys at HWG.
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What The Law Firm Of The Future Will Look Like
As the legal landscape shifts, it’s become increasingly clear that the BigLaw business model must adapt in four key ways to remain viable, from fostering workplace flexibility to embracing technology, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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4 PR Pointers When Your Case Is In The News
Media coverage of new lawsuits exploded last year, demonstrating why defense attorneys should devise a public relations plan that complements their legal strategy, incorporating several objectives to balance ethical obligations and advocacy, say Nathan Burchfiel at Pinkston and Ryan June at Castañeda + Heidelman.
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Unpacking The Proposed Production Tax Credit Regulations
Recently proposed tax regulations for claiming the U.S. clean-energy manufacturers' production credit under Internal Revenue Code Section 45X are less stringent than many had feared but fail to define a fundamental eligibility requirement, say Casey August and Jared Sanders at Morgan Lewis.
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10 Considerations For Litigating A New York Tax Case
While some of New York’s recently adopted corporate tax regulations are likely to face legal challenges, aggrieved taxpayers should answer certain questions before deciding to embark on the tax litigation process, say Cyavash Ahmadi and Jeffrey Friedman at Eversheds Sutherland.
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Law Firm Strategies For Successfully Navigating 2024 Trends
Though law firms face the dual challenge of external and internal pressures as they enter 2024, firms willing to pivot will be able to stand out by adapting to stakeholder needs and reimagining their infrastructure, says Shireen Hilal at Maior Consultants.