International
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February 14, 2025
Tariffs On Drugs And Chips May Not Bring Makers Stateside
The White House's planned tariffs on semiconductors, computer chips and pharmaceuticals are likely to raise prices for consumers and businesses, but won't necessarily lead to the president's stated goal of growing domestic manufacturing, attorneys and others told Law360.
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February 14, 2025
Canadian Owes Taxes On Foreign Earnings, Court Rules
A Canadian must pay taxes and penalties on foreign earnings he didn't report to the country's revenue agency from 1998 to 2013, the Tax Court of Canada said in a decision released Friday, rejecting his claim that he was unaware of his reporting obligations.
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February 14, 2025
Australia Releases Thin Capitalization Test Choice Form
The Australian Taxation Office released a form to be used by multinational entities looking to choose between two of the country's new alternative thin capitalization tests, which generally must be done by the time an entity files its tax return for the income year in question.
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February 14, 2025
India Tax Agency Sends Simplification Bill To Parliament
Proposed simplifications to India's income tax code would lop off more than 250,000 words and eliminate over 280 sections in hopes of improving the clarity of the code, among other benefits, an Indian tax agency said.
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February 14, 2025
Trump Tariff Plan Sparks UK Fears Of Retaliation For VAT
The U.K. could be hit with tariffs as part of U.S. President Donald Trump's plan to impose reciprocal measures on countries that levy value-added taxes on American products, with sectors such as pharmaceuticals under threat, experts in Britain warned.
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February 13, 2025
FedEx Avoids Haircut In $85M Tax Credit Fight
The Internal Revenue Service cannot put a haircut on nearly $85 million in tax credits claimed by FedEx for foreign taxes it paid on overseas earnings because statutory law forbids it, a Tennessee federal court ruled Thursday.
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February 13, 2025
Trump Reciprocal Tariff Plan Could Spur Supply 'Nightmares'
The U.S. will explore imposing reciprocal tariffs that equal rates levied by other countries importing American products, President Donald Trump announced Thursday, a move some experts worry will lead to "compliance nightmares" and COVID-level disruptions to supply chains.
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February 13, 2025
Brazil, Spain Push For Global Wealth Tax Standards
The international community must continue to strive toward establishing standards for the taxation of high-net-worth individuals, building on progress made last year, the leaders of Brazil and Spain said Thursday during a conference in Vatican City.
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February 13, 2025
UK Seeking Comments On E-Invoicing Promotion For Biz
The U.K. government is considering standardizing e-invoicing for business transactions to help with the overall promotion of its adoption, HM Revenue & Customs announced Thursday, saying the potential benefits include greater tax accuracy and closing the tax gap.
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February 13, 2025
DOJ Seeks Sanctions Against Widow In FBAR Fight
A widow defending her husband's estate against a $275,000 claim alleging he didn't disclose his Indian bank account to the Internal Revenue Service should be sanctioned for not complying with court-ordered discovery, the U.S. government told a New York federal court.
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February 13, 2025
UK Can't Tax Irish Resident's £8M In Dividends, Court Says
A woman who moved from England to Ireland does not owe U.K. tax on £8 million ($10 million) in dividends she received through shares transferred by her husband, the Court of Appeal ruled Thursday, finding she qualified for an exemption from a residency test.
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February 13, 2025
Italian Gold Smuggler Evaded $27.6M In Taxes, Swiss Say
Swiss authorities filed charges against an Italian citizen they said led a scheme that smuggled gold into Switzerland from Italy that dodged roughly 25 million Swiss francs ($27.6 million) in taxes.
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February 13, 2025
Drilling Contractor Appeals HMRC Win Over £6.7M Tax Bill
A drilling contractor serving offshore oil and gas rigs took its fight against HM Revenue and Customs to the U.K. Supreme Court on Thursday, arguing the tax office was wrong to restrict the company's tax deductions by £6.7 million ($8.4 million).
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February 12, 2025
Ireland Should Broaden Tax Base, OECD Says
Ireland can shore up its medium-term revenue projections by broadening its tax base, the Organization for Economic Cooperation and Development said Wednesday, saying the country's reliance on taxes from multinational entities opens it up to risk.
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February 12, 2025
EU To Consider 3% Digital Tax, Economic Presence Tax
The European Commission plans to look this year at proposals for a blocwide 3% digital services tax, a significant economic presence tax and a framework for income taxation, according to its program of work, signaling its intent to revive past discussions.
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February 12, 2025
Fenwick Brings On IRS Trial Attorney In Seattle
Fenwick & West LLP has added an attorney from the Internal Revenue Service's Office of Chief Counsel to its Seattle office, the firm announced.
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February 12, 2025
Winthrop & Weinstine Brings In Tax Counsel Duo As Co-Chairs
Minneapolis-based Winthrop & Weinstine PA has added tax attorneys from Kirkland & Ellis LLP and Shartsis Friese LLP to become shareholders of the firm and co-chairs of its tax practice, the firm announced Wednesday.
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February 12, 2025
Aussie Greens Party Proposes 10% Tax On Billionaires
The Australian Greens party has proposed a 10% tax on the wealth of the country's 150 billionaires, with projections that the plan would generate AU$50 billion ($31.4 billion) over the next decade to help fund essential services.
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February 12, 2025
Squire Patton Brings On Polsinelli Tax Ace In Houston
Squire Patton Boggs LLP announced Wednesday that a former Polsinelli PC shareholder has joined the tax strategy and benefits practice group in Houston, an addition that helps the firm address growing client needs.
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February 12, 2025
EU Presses Greece To End Tax-Free Shops' Excise Exemption
Greece must remove its excise duty exemption for tax-free shops at borders with non-European Union countries, which has not been allowed under EU regulations since 2017, the European Commission said Wednesday.
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February 12, 2025
Berger Singerman Adds Carlton Fields Tax Pro In Miami
Florida business law firm Berger Singerman has added a new partner to its business, finance and tax team in Miami from Carlton Fields.
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February 12, 2025
EU Parliament Greenlights Changes To Digital VAT Rules
The European Parliament approved a series of changes to the European Union's plans to reform the value-added tax rules of the economic bloc including fully digitalizing VAT reporting, making it harder to dodge the tax in EU jurisdictions, according to a statement Wednesday.
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February 12, 2025
HMRC Can't Tax Canadian Bank For Oil Loan Payments
The U.K. Supreme Court ruled Wednesday that HM Revenue and Customs cannot tax loan payments made to Royal Bank of Canada connected to oil rights in the North Sea because the underlying agreement did not give an oil company the right to work the oilfield.
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February 11, 2025
Trump's Tariffs, GOP Tax Goals Pose Political Puzzle
President Donald Trump's use of wholesale tariffs may generate trillions of dollars across a 10-year budget window, but the economic uncertainty associated with the U.S.'s aggressive trade posture could politically harm Republicans' must-have efforts to shepherd a tax bill into law this year, experts say.
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February 11, 2025
£5.5B Tax Evasion Could Be 'Tip Of Iceberg,' Watchdog Warns
The £5.5 billion ($6.8 billion) annual cost of tax evasion drawn up by HM Revenue and Customs is probably "vastly underestimated" — and the authority has no plan to tackle the gap in the public purse, the government's spending watchdog warned Wednesday.
Expert Analysis
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E-Discovery Quarterly: Rulings On Hyperlinked Documents
Recent rulings show that counsel should engage in early discussions with clients regarding the potential of hyperlinked documents in electronically stored information, which will allow for more deliberate negotiation of any agreements regarding the scope of discovery, say attorneys at Sidley.
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Loper Bright Limits Federal Agencies' Ability To Alter Course
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.
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After Chevron: Delegation Of Authority And Tax Regulators
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.
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Lawyers Can Take Action To Honor The Voting Rights Act
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.
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How To Grow Marketing, Biz Dev Teams In A Tight Market
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.
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Rock Climbing Makes Me A Better Lawyer
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.
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Contract Disputes Recap: Preserving Payment Rights
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.
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Think Like A Lawyer: Dance The Legal Standard Two-Step
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.
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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.