International

  • September 26, 2024

    Tribunal Halts $52.8M German Tax Collection Against Oil Cos.

    German tax authorities shouldn't collect a windfall profits tax totaling at least €47.2 million ($52.8 million) from two oil refineries before the dispute has been litigated, a tribunal of the International Centre for Settlement of Investment Disputes said.

  • September 26, 2024

    Montreal Exchange Is A Qualified Exchange, IRS Says

    The Montreal Exchange is a qualified board or exchange for purposes of mark-to-market contracts under Internal Revenue Code Section 1256(g)(7)(C), the Internal Revenue Service said Thursday. 

  • September 26, 2024

    Amazon Reports Paying £932M In UK Taxes In 2023

    Amazon said Thursday that it paid a total of £932 million ($1.25 billion) in U.K. taxes last year, which the company said puts it among the 10 largest taxpayers in the country.

  • September 26, 2024

    Tariff Tax Base Too Small To Replace Income Tax, Report Says

    Higher tariffs can't replace income tax revenue, as former President Donald Trump has suggested, since U.S. imports total $3 trillion annually while incomes top $20 trillion, but they would lower incomes by raising prices for U.S. consumers, a think tank reported Thursday.

  • September 26, 2024

    Irish Dividend Exemption Too Restrictive, Big 4 Say

    The Big Four accounting firms raised concerns about wording in Ireland's planned tax exemption for foreign-sourced dividends, claiming in comments released Thursday that it would be overly restrictive to require dividends to come solely out of an offshore affiliate's profits.

  • September 26, 2024

    Harris' And Trump's Tax Plans Each Add To Deficit, Study Says

    The U.S. federal deficit would grow by at least $2 trillion over the next decade from the tax policy plans of both major parties' candidates, former President Donald Trump and Vice President Kamala Harris, researchers said Thursday.

  • September 26, 2024

    UK Cos. Claimed Nearly £1.5B In Patent Box Relief In 2022-23

    While there was a slight dip in the number of U.K. companies that elected to use the country's patent box tax regime in the 2022-23 tax year compared with the prior year, the estimated value of relief claimed jumped to nearly £1.47 billion ($1.97 billion) compared with around £1.33 billion, HM Revenue & Customs said Thursday.

  • September 26, 2024

    UK R&D Tax Credit Claims Down, But Total Relief Up £100M

    While there was an over 20% dip in research and development tax credit claims in the U.K. in the 2022-23 tax year, the total relief claimed rose to £7.5 billion ($10.1 billion), a £100 million increase, HM Revenue & Customs said Thursday.

  • September 26, 2024

    UK Corp. Tax Receipts Up 10% To £93.3B, HMRC Says

    The U.K. generated £93.3 billion ($125 billion) in corporate tax receipts in the 2023-24 tax year, a 10% increase over the prior year, HM Revenue & Customs said Thursday, pointing mainly to the increase in the country's corporation tax rate to 25% as the reason behind the bump.

  • September 26, 2024

    ECJ Backs Strong Protection For Lawyer-Client Discussions

    Confidentiality of lawyer-client communications has enhanced protection under European Union law, including in cross-border tax disclosures, the European Court of Justice ruled Thursday.

  • September 26, 2024

    OECD Publishes Streamlined Amount B Model Agreement

    The Organization for Economic Cooperation and Development published a model agreement Thursday for a simplified and streamlined approach to the Amount B portion of Pillar One, a transfer pricing plan for certain baseline marketing and distribution activities.

  • September 25, 2024

    IBM Urges Justices To Review NY Tax On Foreign Royalties

    New York's system for taxing royalty payments would be unconstitutional if every other jurisdiction adopted it, violating an internal consistency test reaffirmed by a 2015 precedent, IBM told the U.S. Supreme Court in asking it to review and overturn New York's high court ruling that allowed the tax regime.

  • September 25, 2024

    Boosting Indirect Tax Revenues Can Tackle Debt, OECD Says

    A number of countries should look to eliminate distortive tax expenses as well as increase their revenue from certain taxes to help manage debt sustainability and make their economies more supportive of growth, the Organization for Economic Cooperation and Development said Wednesday.

  • September 25, 2024

    Expect More R&D Guidance Before Regs, IRS Atty Says

    The Internal Revenue Service plans to release more guidance governing the tax treatment of research and development expenses before it formally issues proposed regulations that implement the 2017 federal tax law's changes to the incentive, an agency attorney said Wednesday.

  • September 25, 2024

    EU States Must Unify Divergent Biz Rules, Majority Says

    The European Union must double down on unifying its divergent rules for businesses in a policy proposal next year because the bloc's main competitive advantage is its single market, almost three-quarters of EU countries told the bloc's executive arm.

  • September 25, 2024

    Basis-Shifting Regs May Add Accounting Fixes, IRS Atty Says

    The Internal Revenue Service may include in upcoming proposed regulations a solution for partnership basis-shifting for taxpayers that want to adjust accounting methods so prior transactions can be compliant with economic substance laws, an agency attorney said Wednesday.

  • September 25, 2024

    Wyden Calls On 2025 Tax Bill To Include Partnership Reform

    Lawmakers should consider next year how to revise partnership tax laws to better collect on large businesses' income without harming smaller entities as Congress debates over how to address expiring tax provisions, Senate Finance Committee Chairman Ron Wyden said Wednesday.

  • September 25, 2024

    Australia Floats Updates To Amended Tax Pro Conduct Code

    After repeated pushback against changes to Australia's tax agent code of conduct, the country's Treasury proposed two further amendments Wednesday that aim to address complaints regarding corrections of false or misleading statements and disclosures of information to clients.

  • September 25, 2024

    Hong Kong, Turkey Reach Double-Tax Agreement

    Hong Kong and Turkey agreed to a treaty to prevent double taxation, which would take effect after approval by both jurisdictions' legislatures, Hong Kong's Inland Revenue Department said.

  • September 25, 2024

    French Finance Minister Signals Higher Taxes On Rich

    The new French government is considering raising taxes on the wealthy and businesses to help reduce the country's budget deficit amid concerns over debt, according to remarks by the new finance minister.

  • September 25, 2024

    Puerto Rico Seeking Input On Implementing Global Min. Tax

    Puerto Rico's Department of the Treasury is looking for public comments regarding possible implementation of the Organization for Economic Cooperation and Development's 15% global corporate minimum tax on large multinational entities.

  • September 25, 2024

    HMRC Arrests 11 Suspected Of R&D Tax Fraud

    HM Revenue & Customs arrested 11 people, including tax agents, at several locations on suspicion of defrauding research and development tax relief programs, officers said.

  • September 24, 2024

    Halliburton Tardy In Contesting $35M Deduction, US Says

    A Halliburton Co. lawsuit claiming a deduction for a $35 million payoff to a foreign country must be dismissed because the company waited too long to start its action, the U.S. told a Texas federal court.

  • September 24, 2024

    Microsoft Fights Mich. Tax Treatment Of Cost Share Payments

    Microsoft urged the Michigan Tax Tribunal to find that cost sharing agreement receipts from affiliates constituted licenses of intellectual property that should be included in its apportionment formula, arguing that the state's tax agency incorrectly followed federal transfer pricing rules in excluding the payments from its tax calculations.

  • September 24, 2024

    Digital Asset Rules Coming By Year's End, Treasury Atty Says

    The U.S. Treasury Department and the Internal Revenue Service intend to release rules "later this year" on additional reporting requirements for brokers of digital assets such as cryptocurrency and nonfungible tokens, a senior Treasury attorney said Tuesday.

Expert Analysis

  • Loper Bright Limits Federal Agencies' Ability To Alter Course

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    The U.S. Supreme Court's recent decision to dismantle Chevron deference also effectively overrules its 2005 decision in National Cable & Telecommunications Association v. Brand X, greatly diminishing agencies' ability to change regulatory course from one administration to the next, says Steven Gordon at Holland & Knight.

  • After Chevron: Delegation Of Authority And Tax Regulators

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    The U.S. Department of the Treasury and the Internal Revenue Service will face higher standards following Loper Bright’s finding that courts should determine whether agency rules meet the best possible interpretation of the tax code, as well as the scope of the authority delegated by Congress, says Edward Froelich at McDermott.

  • Lawyers Can Take Action To Honor The Voting Rights Act

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    As the Voting Rights Act reaches its 59th anniversary Tuesday, it must urgently be reinforced against recent efforts to dismantle voter protections, and lawyers can pitch in immediately by volunteering and taking on pro bono work to directly help safeguard the right to vote, says Anna Chu at We The Action.

  • How To Grow Marketing, Biz Dev Teams In A Tight Market

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    Faced with fierce competition and rising operating costs, firms are feeling the pressure to build a well-oiled marketing and business development team that supports strategic priorities, but they’ll need to be flexible and creative given a tight talent market, says Ben Curle at Ambition.

  • Rock Climbing Makes Me A Better Lawyer

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    Rock climbing requires problem-solving, focus, risk management and resilience, skills that are also invaluable assets in my role as a finance lawyer, says Mei Zhang at Haynes and Boone.

  • Contract Disputes Recap: Preserving Payment Rights

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    Stephanie Magnell and Zachary Jacobson at Seyfarth examine three recent decisions that together illustrate the importance of keeping accurate records and adhering to contractual procedures to avoid inadvertently waiving contractual rights to cost reimbursements or nonroutine payments.

  • Think Like A Lawyer: Dance The Legal Standard Two-Step

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    From rookie brief writers to Chief Justice John Roberts, lawyers should master the legal standard two-step — framing the governing standard at the outset, and clarifying why they meet that standard — which has benefits for both the drafter and reader, says Luke Andrews at Poole Huffman.

  • Lead Like 'Ted Lasso' By Embracing Cognitive Diversity

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    The Apple TV+ series “Ted Lasso” aptly illustrates how embracing cognitive diversity can be a winning strategy for teams, providing a useful lesson for law firms, which can benefit significantly from fresh, diverse perspectives and collaborative problem-solving, says Paul Manuele at PR Manuele Consulting.

  • Now More Than Ever, Lawyers Must Exhibit Professionalism

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    As society becomes increasingly fractured and workplace incivility is on the rise, attorneys must champion professionalism and lead by example, demonstrating how lawyers can respectfully disagree without being disagreeable, says Edward Casmere at Norton Rose.

  • Reading Between The Lines Of Justices' Moore Ruling

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    The U.S. Supreme Court's recent Moore v. U.S. decision, that the Internal Revenue Code Section 965 did not violate the 16th Amendment, was narrowly tailored to minimally disrupt existing tax regimes, but the justices' various opinions leave the door open to future tax challenges and provide clues for what the battles may look like, say Caroline Ngo and Le Chen at McDermott.

  • A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates

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    Hourly rates for partners, associates and support staff continued to rise in the first half of this year, and this growth shows no signs of slowing for the rest of 2024 and into next year, driven in part by the return of mergers and acquisitions and the widespread adoption of artificial intelligence, says Chuck Chandler at Valeo Partners.

  • States Should Loosen Law Firm Ownership Restrictions

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    Despite growing buzz, normalized nonlawyer ownership of law firms is a distant prospect, so the legal community should focus first on liberalizing state restrictions on attorney and firm purchases of practices, which would bolster succession planning and improve access to justice, says Michael Di Gennaro at The Law Practice Exchange.

  • After Chevron: Uniform Tax Law Interpretation Not Guaranteed

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    The loss of Chevron deference will significantly alter the relationship between the IRS, courts and Congress when it comes to tax law, potentially precipitating more transparent rulemaking, but also provoking greater uncertainty due to variability in judicial interpretation, say Michelle Levin and Carneil Wilson at Dentons.

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