International
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July 08, 2024
Italy Outlines Details On Local Min. Tax Under Global Deal
The Italian Finance Ministry published plans for implementing a global rule that allows countries to tax the local affiliates of multinational corporations if their effective tax rates dip below an internationally agreed-upon 15% minimum.
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July 08, 2024
Reeves Sets Out Plans For Pensions Investing, Fiscal Review
HM Treasury will work to direct pensions investment to British businesses, create a national wealth fund and conduct a fiscal review into government finances, Rachel Reeves said in her first public speech as chancellor on Monday.
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July 08, 2024
EU Court To Rule On Lithuania Denying Corp. Tax Break
A Lithuanian court asked the European Union's highest court to determine whether Lithuania applies EU law correctly when blocking tax exemptions for dividends transferred to a parent company from a subsidiary in another EU country, a document published Monday said.
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July 08, 2024
Feds Seize $63M LA Estate Tied To Armenian Bribe Probe
The U.S. Department of Justice said Monday that it will seize a $63 million Los Angeles estate that it claims was bought with bribe payments for the family of a former Armenian government official.
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July 08, 2024
German Leaders OK Legislative Package With Tax Cuts
Leaders in Germany's three-party government agreed to a legislative package that would result in tax cuts if enacted, an outline of the agreed-to measures said.
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July 08, 2024
Leftist Bloc That Wants To Tax Rich Wins French Election
A left-wing bloc that promises to increase taxes on the rich won a plurality of seats in elections to the lower house of France's legislature but fell far short of gaining an outright majority.
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July 05, 2024
How Reshaped Circuit Courts Are Faring At The High Court
Seminal rulings from the U.S. Supreme Court's latest term will reshape many facets of American society in the coming years. Already, however, the rulings offer glimpses of how the justices view specific circuit courts, which have themselves been reshaped by an abundance of new judges.
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July 05, 2024
Breaking Down The Vote: The High Court Term In Review
The U.S. Supreme Court's lethargic pace of decision-making this term left the justices to issue a slew of highly anticipated and controversial rulings during the term's final week — rulings that put the court's ideological divisions on vivid display. Here, Law360 takes a data dive into the numbers behind this court term.
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July 05, 2024
The Sharpest Dissents From The Supreme Court Term
The U.S. Supreme Court's session ended with a series of blockbuster cases that granted the president broad immunity, changed federal gun policy and kneecapped administrative agencies. And many of the biggest decisions fell along partisan lines.
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July 05, 2024
The Firms That Won Big At The Supreme Court
This U.S. Supreme Court term featured high-stakes oral arguments on issues including gerrymandering, abortion and federal agency authority, and a hot bench ever more willing to engage in a lengthy back-and-forth with advocates. Here's a look at the law firms that argued the most cases and how they fared.
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July 05, 2024
Top Federal Tax Cases To Watch In The 2nd Half Of 2024
In the coming months, the U.S. Treasury and the IRS will defend rules designed to go after what they consider as abusive tax practices, including the economic substance doctrine, the Corporate Transparency Act and the moratorium on employee retention tax credits. Here, Law360 looks at key federal tax cases to watch in the rest of 2024.
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July 05, 2024
Starmer Picks Reeves For Treasury To Steer Growth Aims
Prime Minister Keir Starmer has handed the reins of the U.K.'s fiscal and economic policy to Rachel Reeves, formally naming her as the next chancellor of the exchequer in the first of a round of cabinet appointments on Friday.
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July 05, 2024
EU Imposes Anti-Subsidy Duties On Chinese EVs
The European Commission imposed provisional import duties of 17.4% to 37.6% on electric vehicles made in China to compensate for what it said were unfair state subsidies throughout the manufacturing and sales process.
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July 05, 2024
EU Official Says Members Blind To Cross-Border Business
A senior European Union tax official has criticized EU member states for failing to adjust their tax systems to help particularly smaller businesses wanting to carry out activities in multiple countries within the bloc.
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July 04, 2024
Labour's Big UK Election Win Clears Way For Tax Reform
Labour's victory in the U.K. general election clears the way for plans to raise taxes on the rich to close a widening spending gap, but it could also mean wider fiscal reform in the new government's first budget later this year.
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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.
Expert Analysis
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Long Road Ahead For Biden's Individual Tax Hike Proposal
Dustin Stamper at Grant Thornton provides insight into President Joe Biden's recently proposed individual tax increases to pay for his American Families Plan, and explains how competing interests among congressional Democrats and Republicans may shape the final provisions and prolong their implementation.
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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.