International
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November 12, 2024
UK Insurance Co. Entitled To Refund Of Dutch Dividend Tax
A U.K. insurance company is entitled to a refund of taxes levied by the Netherlands on dividends from Dutch companies because the tax restricts the free movement of capital, the Court of Justice of the European Union ruled.
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November 12, 2024
Treasury's Energy Tax Perk Regs On Track Despite Trump Win
The U.S. Treasury Department still plans to finalize remaining clean energy tax credit regulations by the end of this year despite President-elect Donald Trump's campaign promise to unravel the 2022 climate law that enacted them, a Treasury spokesperson told Law360 on Tuesday.
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November 12, 2024
Developing Countries Should Raise Property Taxes, IMF Says
Property tax revenues could be at least 10 times higher in developing countries if their governments used new technologies and made certain system changes, the International Monetary Fund said, though it acknowledged the political difficulties of increasing such tax rates.
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November 12, 2024
Treasury To Host Webinar For Beneficial Ownership Info Filing
The U.S. Treasury Department's Financial Crimes Enforcement Network will host a free webinar Nov. 19 to aid companies that need to file their initial beneficial ownership information under the Corporate Transparency Act by the start of 2025.
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November 12, 2024
Squire Patton Boggs Hires Tax Expert In Irish Expansion
Squire Patton Boggs hired a senior associate from Eversheds Sutherland as part of building a tax strategy practice in Ireland, the firm said.
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November 12, 2024
Biffa Sues Contractor For £2M Over Waste Scheme Tax Scam
Biffa is suing one of its contractors for £2.2 million ($2.8 million) for allegedly conspiring with two other waste management companies to disguise their waste in a scheme to secure lower tax rates.
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November 11, 2024
HMRC To Refund £700M To Businesses After ECJ Ruling
Britain's tax authority is expected to pay £700 million ($900 million) in refunds to ITV PLC and several other companies after the U.K.'s successful appeal at the European Union's highest court over tax breaks for controlled foreign companies.
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November 11, 2024
Hospitality Industry Group Warns Chancellor Over Tax Plans
More than 200 leaders of U.K. companies in the hospitality sector issued an open letter Monday warning Chancellor Rachel Reeves that her decision to raise employers' national insurance contributions will harm businesses.
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November 08, 2024
Italy's Finance Minister Says EU Must Adopt Digital Tax
The European Union must adopt a digital services tax despite the threat of retaliatory trade measures by the U.S., Italy's finance minister told the country's Parliament as it seeks to widen the scope of its own measure to domestic companies.
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November 08, 2024
Aussie Accounting Group Says No Need For New Gov't Body
A group representing Australian accounting professionals pushed back Friday on a parliamentary committee's recommendation that the government review the processes of professional accounting bodies with an eye to potentially replacing them with an independent one.
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November 08, 2024
Shutts & Bowen Adds Complex Taxation Pro In Sarasota
Shutts & Bowen LLP has brought on a new partner at the firm's growing Sarasota, Florida, office, bringing close to 20 years of private practice tax law experience to the firm's private client services practice group.
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November 08, 2024
Audits Of Large Australian Cos. Generate $1.64B
Audits and reviews of 24 large companies in Australia generated AU$2.5 billion ($1.64 billion) in tax revenue in 2023-24, the Australian Taxation Office said.
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November 08, 2024
Apache To Pull North Sea Investments Over UK Windfall Tax
Texas-based oil giant Apache Corp. said Friday that it will wind up its North Sea oil operations by 2030 in response to the U.K.'s plan to raise the energy profits levy — known as the windfall tax — by 3 percentage points.
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November 08, 2024
8 EU Countries Call For Increased Russian Import Duties
A group of eight European Union member countries called on the bloc's executive body to consider increased import duties on Russian goods in response to the war in Ukraine, Sweden's Ministry of Foreign Affairs said Friday.
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November 07, 2024
Danish Gov't Can't Exclude 2012 Evidence In $2B Tax Case
A New York federal judge allowed U.S. pension plans to present a Danish firm's 2012 opinion as key evidence in an upcoming trial in the Danish government's $2 billion tax fraud case against them, but barred three other pieces of evidence.
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November 07, 2024
EU's Anti-Tax Avoidance Rules Underperforming, Group Says
The European Union should strengthen its rules for combating tax avoidance by categorically including certain income of controlled foreign corporations and by limiting deductions for intragroup royalties and service fees, the Tax Justice Network said in response to a consultation by the bloc.
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November 07, 2024
Varian Not Relevant In Liberty Global Case, US Tells 10th Circ.
A U.S. Tax Court decision that granted medical device company Varian Medical Systems a deduction for dividends received from foreign subsidiaries does not support Liberty Global's claims to a $110 million tax refund, the federal government told the Tenth Circuit on Thursday.
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November 07, 2024
ECJ Says VAT Applies To Land Prepared For Building
Land with foundations to build residential housing is subject to value-added tax as a supply of land in the European Union, the European Court of Justice said Thursday in a dispute between Denmark's tax authority and a real estate company.
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November 07, 2024
Transparency Act Should Exclude Housing Co-Ops, Court Told
A group of housing cooperatives asked a Michigan federal judge to grant them an exemption from the "dragnet" Corporate Transparency Act, claiming the disclosure requirements will deter members from serving on boards that govern affordable housing developments.
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November 07, 2024
G20 Beneficial Ownership Transparency Lacking, Group Says
While Group of 20 nations are making progress on establishing beneficial ownership registers since committing to doing so a decade ago, a nonprofit dedicated to stopping corruption and promoting transparency said Thursday that there is still work to be done, including in countries that have yet to establish their registers.
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November 07, 2024
Gov't Gets Default In $4.9M Son-Of-Boss Case
A federal judge entered a $4.9 million default against the estate of a Michigan man and his widow after having threatened to dismiss the case, in which the government says the couple avoided taxes by participating in a Son-of-Boss scheme.
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November 07, 2024
Aussie Pols Urge Barring PwC From Gov't Work For Now
An Australian Parliamentary committee said Thursday that PwC should be temporarily barred from taking on government work while investigations into its tax document leak scandal continue, along with other recommendations.
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November 07, 2024
Trinidad And Tobago Joins OECD Tax Transparency Treaty
Trinidad and Tobago formally joined the Organization for Economic Cooperation and Development's global tax transparency agreement on combating tax avoidance and evasion by multinational corporations, the OECD announced Thursday.
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November 07, 2024
EU Tax Nominee Says Bloc Could Go It Alone On Digital Tax
The nominee to serve as the European Union's next tax commissioner said Thursday that the EU should seek its own solution to digital taxation if it can't keep the U.S. on its side following the elections this week.
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November 07, 2024
IRS To Hold Hearing On Dual Consolidated Loss Regs
The Internal Revenue Service plans to hold a public hearing Nov. 22 on proposed regulations that outline when foreign taxes under the Pillar Two international minimum tax agreement could trigger U.S. rules that aim to prevent companies from double-dipping the same economic loss.
Expert Analysis
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Pop Culture Docket: Justice Lebovits On Gilbert And Sullivan
Characters in the 19th century comic operas of Gilbert and Sullivan break the rules of good lawyering by shamelessly throwing responsible critical thought to the wind, providing hilarious lessons for lawyers and judges on how to avoid a surfeit of traps and tribulations, say acting New York Supreme Court Justice Gerald Lebovits and law student Tara Scown.
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State Of The States' AI Legal Ethics Landscape
Over the past year, several state bar associations, as well as the American Bar Association, have released guidance on the ethical use of artificial intelligence in legal practice, all of which share overarching themes and some nuanced differences, say Eric Pacifici and Kevin Henderson at SMB Law Group.
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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.