International
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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.
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November 06, 2024
Finance Committee Helm Awaits Crapo After GOP Wins Senate
Idaho Republican Mike Crapo is expected to lead the Senate Finance Committee when Congress convenes next year, following President-elect Donald Trump's win Tuesday in the election that also handed Republicans control of the U.S. Senate for the first time since 2021.
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November 06, 2024
Portugal Implements Global Min. Tax After EU Pressure
Portugal officially implemented the global corporate minimum tax spearheaded by the Organization for Economic Cooperation and Development following pressure from the European Union to join the majority of the bloc in doing so.
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November 06, 2024
EU Court Won't Toss Commission's Tax Clawback In Portugal
A European Union court on Wednesday tossed two challenges to a European Commission ruling that Portugal must claw back tax breaks provided to companies with no local economic activity because that ran counter to commission-approved policies.
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November 06, 2024
Gov't Urges 11th Circ. To Rethink FBAR Excessive Fine Ruling
The Eleventh Circuit should reconsider its decision that some of the $12.6 million in penalties the Internal Revenue Service imposed on a man for willfully failing to report his foreign bank accounts violated the Eighth Amendment's bar on excessive fines, the U.S. government said.
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November 06, 2024
Hedge Fund Lawyer Defends Signing Off On £1.4B Fraud Docs
The former top lawyer at a hedge fund accused of defrauding Denmark's tax authority of £1.4 billion ($1.8 billion), who signed off on documents falsely confirming the trades were legitimate, told a London trial he didn't think it "was a big deal at the time."
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November 06, 2024
Improved Carbon Measuring Could Guide Taxes, OECD Says
Measuring the carbon intensity of products can help countries design taxes to push toward emission-reduction goals, but countries need to work together to develop more accurate and specific measurements to make them more effective, the Organization for Economic Cooperation and Development said.
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November 06, 2024
UK Considering Tweaks To Global Minimum Tax
The U.K. is looking at tweaks to its implementation of the OECD's global minimum tax on large multinational entities that HM Revenue & Customs said Wednesday will address concerns from stakeholders and bring it in line with updated guidance.
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November 06, 2024
UK VAT Collection Up £9B In 2023-24, A 6% Boost
The U.K.'s value-added tax revenue increased to £169 billion ($218 billion) in financial year 2023-24, a 6% rise over the £160 billion generated the year prior, HM Revenue & Customs said Wednesday, despite a net drop in registered VAT entities.
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November 06, 2024
Rachel Reeves Calls Budget A 'Once In A Parliament' Reset
Chancellor Rachel Reeves told lawmakers on Wednesday that her inaugural budget in October was a "once in a Parliament" reset and that her government would not set out fiscal proposals of a similar scale again.
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November 05, 2024
Trump Victory Boosts GOP Push To Extend 2017 Tax Law
Former President Donald Trump's projected reelection early Wednesday gave GOP lawmakers a strong boost in their efforts to renew major parts of the 2017 tax law that will expire next year, further dimming Democrats' hopes of promoting tax fairness by increasing rates on wealthy corporations and individuals.
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November 05, 2024
Trump Has Official Immunity. What About His Aides?
Whether the U.S. Supreme Court's decision on presidential immunity extends to subordinates who follow a president's orders has become a more pressing question in the wake of Donald Trump's projected election win, according to legal experts.
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November 05, 2024
How Trump Can Quash His Criminal Cases
Donald Trump's projected victory at the polls also translates to a win in the courts, as the second-term president will have the power to end both of his federal criminal cases. And the U.S. Supreme Court's decision on presidential immunity would shield him from any consequences for ordering his charges to be dismissed, experts say.
Expert Analysis
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Lead Like 'Ted Lasso' By Embracing Cognitive Diversity
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.
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Now More Than Ever, Lawyers Must Exhibit Professionalism
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.
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Reading Between The Lines Of Justices' Moore Ruling
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.
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A Midyear Forecast: Tailwinds Expected For Atty Hourly Rates
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.
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States Should Loosen Law Firm Ownership Restrictions
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.
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After Chevron: Uniform Tax Law Interpretation Not Guaranteed
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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Texas Ethics Opinion Flags Hazards Of Unauthorized Practice
The Texas Professional Ethics Committee's recently issued proposed opinion finding that in-house counsel providing legal services to the company's clients constitutes the unauthorized practice of law is a valuable clarification given that a UPL violation — a misdemeanor in most states — carries high stakes, say Hilary Gerzhoy and Julienne Pasichow at HWG.
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How To Clean Up Your Generative AI-Produced Legal Drafts
As law firms increasingly rely on generative artificial intelligence tools to produce legal text, attorneys should be on guard for the overuse of cohesive devices in initial drafts, and consider a few editing pointers to clean up AI’s repetitive and choppy outputs, says Ivy Grey at WordRake.
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Industry Self-Regulation Will Shine Post-Chevron
The U.S. Supreme Court's Loper decision will shape the contours of industry self-regulation in the years to come, providing opportunities for this often-misunderstood practice, says Eric Reicin at BBB National Programs.
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3 Ways Agencies Will Keep Making Law After Chevron
The U.S. Supreme Court clearly thinks it has done something big in overturning the Chevron precedent that had given deference to agencies' statutory interpretations, but regulated parties have to consider how agencies retain significant power to shape the law and its meaning, say attorneys at K&L Gates.
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Atty Well-Being Efforts Ignore Root Causes Of The Problem
The legal industry is engaged in a critical conversation about lawyers' mental health, but current attorney well-being programs primarily focus on helping lawyers cope with the stress of excessive workloads, instead of examining whether this work culture is even fundamentally compatible with lawyer well-being, says Jonathan Baum at Avenir Guild.
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Unpacking The Circuit Split Over A Federal Atty Fee Rule
Federal circuit courts that have addressed Rule 41(d) of the Federal Rules of Civil Procedure are split as to whether attorney fees are included as part of the costs of a previously dismissed action, so practitioners aiming to recover or avoid fees should tailor arguments to the appropriate court, says Joseph Myles and Lionel Lavenue at Finnegan.
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After A Brief Hiccup, The 'Rocket Docket' Soars Back To No. 1
The Eastern District of Virginia’s precipitous 2022 fall from its storied rocket docket status appears to have been a temporary aberration, as recent statistics reveal that the court is once again back on top as the fastest federal civil trial court in the nation, says Robert Tata at Hunton.