International
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December 12, 2024
IRS Hopes To Issue Amount B Pricing Guidance Within Weeks
Treasury is working to finish its guidance on the simplified transfer pricing approach to baseline marketing and distribution known as Amount B by the end of the year, a U.S. official said Thursday.
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December 12, 2024
Treasury Seeks To Pause Anti-Laundering Law Injunction
The U.S. Treasury Department asked a Texas federal judge to pause his nationwide preliminary injunction of the Corporate Transparency Act pending an appeal of his recent decision that found Congress likely overstepped its constitutional authority when it wrote the anti-money laundering law.
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December 12, 2024
Less Than Half Of Latin America Sees Taxes As Contributions
Only 47% of surveyed Latin American taxpayers consider their taxes as a contribution to the overall good of society as opposed to a cost they are forced to pay, the Organization for Economic Cooperation and Development said Thursday, saying the figure was below the global average.
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December 12, 2024
Gibraltar Considering Global Minimum Tax Bill
Gibraltar's Parliament is considering the implementation of two parts of the Organization for Economic Cooperation and Development's 15% global corporate minimum income tax on large multinational entities making over €750 million ($786 million) annually.
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December 12, 2024
Mexico To Join Int'l Pricing Program In 2025, Official Says
Mexico plans in 2025 to join the International Compliance Assurance Program, a multilateral effort to resolve transfer pricing issues, an official from that country's tax authority said Thursday.
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December 12, 2024
Trader Sentenced To 12 Years For Cum-Ex Fraud In Denmark
A Danish court sentenced a British hedge fund trader to 12 years in prison on Thursday after finding him guilty of defrauding the country's tax authority by masterminding a nine billion kroner ($1.3 billion) cum-ex fraud scheme.
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December 11, 2024
More Facts Needed In RJ Reynolds Tax Row, Mich. Court Says
More facts are needed on whether part of a $4.9 billion sale of trademarks by R.J. Reynolds to a Japanese company should be taxable in Michigan, a state court said Wednesday, declining to rule immediately.
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December 11, 2024
Exxon Tax Ruling Doesn't Help Liberty Global, 10th Circ. Told
Liberty Global cannot use a recent ruling that allowed Exxon Mobil a tax deduction for interest payments to claim a deduction for dividends that arose from its intragroup shuffling of a Belgian affiliate, the U.S. government told the Tenth Circuit on Wednesday.
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December 11, 2024
Irish Ruling Cuts Shareholder's Capital Gains Tax By €2.2M
A shareholder who gave all his shares in a company to several entities will save €2.2 million ($2.3 million), as Ireland's Tax Appeals Commission said Wednesday that the disposal happened in multiple transactions, qualifying for a discounted capital gains tax rate.
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December 11, 2024
Estonia Passes 2% Tax To Fund Russia-Ukraine War Spending
Estonia's Parliament passed a temporary 2% tax Wednesday, earmarked to cover increased defense spending for the Russia-Ukraine war, choosing to go a different route to raise funds than neighboring Lithuania and Latvia.
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December 11, 2024
Adidas Says European Offices Raided In EU Tax Investigation
Authorities are searching Adidas AG's offices in Germany and Austria for evidence of tax evasion following a five-year investigation by customs authorities in the European Union, the company told Law360 on Wednesday.
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December 11, 2024
Netherlands Gov't Reports $5.3B Drop In Tax Avoidance
The Dutch government said Wednesday that it has seen tax avoidance drop by €5 billion ($5.3 billion) since the imposition of two European Union directives targeting low-tax corporate structures and practices.
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December 10, 2024
FinCEN Says CTA Still Constitutional In Post-Injunction Alert
The Financial Crimes Enforcement Network has alerted companies that they do not currently need to file so-called beneficial ownership information with the agency after a federal judge's nationwide preliminary injunction blocking the Corporate Transparency Act, though the bureau maintained that the law calling for such information is constitutional.
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December 10, 2024
Morgan Lewis Gets DLA Piper Tax Pro With DOJ Experience
Morgan Lewis & Bockius LLP announced that it has added to its Boston office a tax attorney from DLA Piper who served as an appellate attorney at the U.S. Department of Justice, Tax Division.
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December 10, 2024
FBAR Default Against Widow Should Be Vacated, Judge Says
A New York federal magistrate judge recommended vacating a default judgment against a widow, which would give her a second chance to defend her dead husband's estate against U.S. government claims that it owes $275,000 for his failure to report his account at an Indian bank.
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December 10, 2024
African Tax Revenue Ratio Up, Still Well Behind OECD Average
While the average ratio of total tax revenue to gross domestic product in 36 surveyed African countries rose in 2022, it still sits at just 16%, less than half of the 33.9% average for Organization for Economic Cooperation and Development countries, the OECD said Tuesday.
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December 10, 2024
Exxon's Tax Win Sets Path For Liberty Global, 10th Circ. Told
A ruling allowing Exxon Mobil a U.S. tax deduction for interest expenses in its natural gas deal with Qatar confirms that Liberty Global is entitled to a deduction related to its sale of a Belgian affiliate, an attorney for the telecommunications company told the Tenth Circuit.
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December 10, 2024
EU Reaches Deal On Digital VAT Exemption Certificate
The European Union reached an agreement Tuesday to replace the current paper version of certificates for value-added tax exemptions with a digital version, though the form itself will still need to be developed.
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December 10, 2024
EU To Introduce Digital Certificate For Withholding Tax Relief
The Council of the European Union said Tuesday that it has agreed on new withholding rules that grant easy access to tax relief for cross-border investors through a common digital tax residence certificate.
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December 10, 2024
HMRC Staff Vote To Strike Over Sacking Of 3 Colleagues
More than 200 staff members at an HM Revenue and Customs office have voted to strike for up to eight weeks in protest over the firing of three colleagues, allegedly for taking part in other industrial action.
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December 10, 2024
Treasury Finalizes Simplified Foreign Currency Rules
The U.S. Treasury Department finalized regulations Tuesday that aim to simplify aspects of how corporations determine taxable income or loss with respect to certain affiliates that conduct business in a foreign currency.
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December 10, 2024
Jockey Frankie Dettori Named In HMRC Tax Avoidance Battle
Italian jockey Frankie Dettori has been named as the individual who attempted to maintain his anonymity to keep private his legal battle with HM Revenue and Customs over a tax avoidance scheme, according to a London court judgment.
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December 09, 2024
US Investment Cos. Benefit In Updated Norway Tax Treaty
Regulated U.S. investment and holding companies should be able to reap Norwegian tax treaty benefits on dividends, royalties and capital gains without restriction under an updated agreement announced Monday by the Internal Revenue Service.
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December 09, 2024
Microsoft Wrong On Foreign Earnings, Ore. Tells Tax Court
The Oregon Tax Court was correct to reject alternatives pitched by Microsoft for treatment of its repatriated foreign earnings when calculating Oregon taxable income, the state tax department told the court.
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December 09, 2024
UN Tax Pact Should Include Climate Focus, Report Says
Coming negotiations for a global tax convention at the United Nations should include discussions about designing tax policies that could generate resources to help address climate change, according to a report published Monday by the advocacy group Tax Justice Network.
Expert Analysis
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8 Childhood Lessons That Can Help You Be A Better Attorney
A new school year is underway, marking a fitting time for attorneys to reflect on some fundamental life lessons from early childhood that offer a framework for problems that no legal textbook can solve, say Chris Gismondi and Chris Campbell at DLA Piper.
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This Election, We Need To Talk About Court Process
In recent decades, the U.S. Supreme Court has markedly transformed judicial processes — from summary judgment standards to notice pleadings — which has, in turn, affected individuals’ substantive rights, and we need to consider how the upcoming presidential election may continue this pattern, says Reuben Guttman at Guttman Buschner.
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Mental Health First Aid: A Brief Primer For Attorneys
Amid a growing body of research finding that attorneys face higher rates of mental illness than the general population, firms should consider setting up mental health first aid training programs to help lawyers assess mental health challenges in their colleagues and intervene with compassion, say psychologists Shawn Healy and Tracey Meyers.
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The Trade And Tax Issues Behind US-Canada Digital Tax Clash
The new Canadian digital services tax recently went into effect despite objections from the U.S., a controversy that represents an unusual mix of trade and tax policy, and many companies have been pondering how it will affect their e-commerce businesses, says Damon Pike at BDO.
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Litigation Inspiration: Honoring Your Learned Profession
About 30,000 people who took the bar exam in July will learn they passed this fall, marking a fitting time for all attorneys to remember that they are members in a specialty club of learned professionals — and the more they can keep this in mind, the more benefits they will see, says Bennett Rawicki at Hilgers Graben.
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AI May Limit Key Learning Opportunities For Young Attorneys
The thing that’s so powerful about artificial intelligence is also what’s most scary about it — its ability to detect patterns may curtail young attorneys’ chance to practice the lower-level work of managing cases, preventing them from ever honing the pattern recognition skills that undergird creative lawyering, says Sarah Murray at Trialcraft.
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Ruling On Foreign Dividend Break Offers 2 Tax Court Insights
In Varian v. Commissioner, the U.S. Tax Court allowed a taxpayer's deduction for dividends from foreign subsidiaries, providing clarity on how the U.S. Supreme Court’s Loper Bright decision may affect challenges to Treasury regulations, and revealing a potential disallowance of foreign tax credits, say attorneys at Davis Polk.
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Why Now Is The Time For Law Firms To Hire Lateral Partners
Partner and associate mobility data from the second quarter of this year suggest that there's never been a better time in recent years for law firms to hire lateral candidates, particularly experienced partners — though this necessitates an understanding of potential red flags, say Julie Henson and Greg Hamman at Decipher Investigative Intelligence.
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Considering Possible PR Risks Of Certain Legal Tactics
Disney and American Airlines recently abandoned certain litigation tactics in two lawsuits after fierce public backlash, illustrating why corporate counsel should consider the reputational implications of any legal strategy and partner with their communications teams to preempt public relations concerns, says Chris Gidez at G7 Reputation Advisory.
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It's No Longer Enough For Firms To Be Trusted Advisers
Amid fierce competition for business, the transactional “trusted adviser” paradigm from which most firms operate is no longer sufficient — they should instead aim to become trusted partners with their most valuable clients, says Stuart Maister at Strategic Narrative.
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Navigating A Potpourri Of Possible Transparency Act Pitfalls
Despite the Financial Crimes Enforcement Network's continued release of guidance for complying with the Corporate Transparency Act, its interpretation remains in flux, making it important for companies to understand potentially problematic areas of ambiguity in the practical application of the law, say attorneys at Sidley.
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How Methods Are Evolving In Textualist Interpretations
Textualists at the U.S. Supreme Court are increasingly considering new methods such as corpus linguistics and surveys to evaluate what a statute's text communicates to an ordinary reader, while lower courts even mull large language models like ChatGPT as supplements, says Kevin Tobia at Georgetown Law.
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.