International
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November 22, 2024
Canada Proposing 2-Month GST Holiday For Groceries, Gifts
Canada's government is sending a proposal to its Parliament that would implement a two-month goods-and-services tax holiday starting in mid-December on goods ranging from certain groceries to Christmas trees.
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November 22, 2024
Isle Of Man Parliament Passes OECD's Global Minimum Tax
The Isle of Man's Parliament approved a bill implementing two portions of the Organization for Economic Cooperation and Development's 15% global minimum tax on large multinational entities making at least €750 million ($781 million) annually, starting in 2025.
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November 22, 2024
IRS Ignores Text In $248M Fight, Liberty Global Tells 10th Circ.
The Internal Revenue Service is incorrectly applying the U.S. tax code in denying Liberty Global's claim for $248 million in foreign tax credits tied to its sale of a Japanese affiliate, the telecommunications company told the Tenth Circuit.
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November 22, 2024
Halliburton Omitted Grounds From $35M Refund Suit, US Says
A Texas federal court must dismiss parts of Halliburton's $35 million tax refund lawsuit because the company failed to raise two grounds of relief in its administrative claim for a refund, the U.S. argued.
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November 22, 2024
Taxation With Representation: Stradley Ronon, Davis Polk
In this week's Taxation With Representation, Amcor PLC buys Berry Global Group Inc., AeroVironment buys BlueHalo, Robinhood Markets Inc. acquires TradePMR, and Comcast Corp. spins off a suite of NBCUniversal cable television networks.
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November 22, 2024
2 Convicted In €3.7M EU VAT Fraud Scheme
A German court convicted two people for their roles in a value-added tax fraud scheme involving small electronic goods that caused an estimated €3.7 million ($3.86 million) in lost tax revenue, the European Public Prosecutor's Office said.
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November 22, 2024
Spain Raises Bank Windfall Levy, Enacts Minimum Tax
The Spanish government is set to increase its windfall tax on banks with more than €5 billion ($5.2 billion) in income as well as implement a minimum corporate tax on multinational companies following a vote by lawmakers.
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November 21, 2024
EU Official Says GILTI Changes Could Nullify Pillar 2 Backstop
The U.S. has an opportunity to shield multinationals from the Pillar Two 15% global minimum tax backstop rule in other jurisdictions by revising its tax on global intangible low-taxed income next year, a European Union tax official said Thursday.
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November 21, 2024
Australia Floats Paths For Adopting Crypto Disclosure Rules
The Australian government floated two options Thursday for implementing a global crypto-asset reporting framework: adopt a standardized model or take a "bespoke approach" that would offer more flexibility but may also increase compliance costs.
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November 21, 2024
Breach Of VAT Rules Can Block €385K Refund, ECJ Rules
Bulgarian tax authorities can deny a value-added tax refund of approximately €385,000 ($403,000) to a domestic company that did not have the tax itemized on invoices, the European Court of Justice ruled Thursday.
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November 21, 2024
6 Nations Must Improve Transparency Framework, OECD Says
Six countries that have generally complied with global standards for exchanging financial information for tax purposes could nevertheless improve their mechanisms for accessing data about entity owners, according to reports released Thursday by the Organization for Economic Cooperation and Development.
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November 21, 2024
VAT Stays King Of Consumption Taxes Across OECD
Value-added tax revenue continued to be the largest category of consumption taxes across the Organization for Economic Cooperation and Development in 2022, it said Thursday, generating an average of 20.8% of total revenue in 2022, a 0.1 percentage point increase.
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November 21, 2024
Tax Revenue Ratio Remained Steady In 2023, OECD Says
The average tax-to-gross domestic product ratio across Organization for Economic Cooperation and Development countries remained relatively steady in 2023 compared with the year prior, the OECD said Thursday, even as they deal with challenges such as the increasing cost of living and climate change.
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November 21, 2024
Israel-Hamas War Tax Relief Needed More Notice, TIGTA Says
While the Internal Revenue Service did well to proactively identify taxpayers likely affected by the Israel-Hamas war that it sought to grant tax relief, it failed to directly notify these taxpayers, the Treasury Inspector General for Tax Administration said Thursday.
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November 21, 2024
11th Circ. Asked To Rethink $100M Credit For John Hancock
The Eleventh Circuit should reverse its decision allowing John Hancock Life Insurance Co. to keep $100 million in foreign tax credits that rightfully belong to the company's investors, trustees of a retirement plan said in arguing that the court overlooked a key U.S. Treasury regulation.
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November 21, 2024
Ryanair Threatens To Cut France Flights Over Ticket Tax
Irish budget airline Ryanair warned it would suspend flights to and from 10 regional airports in France if the country goes through with its proposed tax on plane tickets, which would take effect in January.
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November 20, 2024
India's Top Court Allows Tax Credits For Excise Duties Paid
Excise duties that India's mobile telecommunication providers pay when building the infrastructure for their networks — such as transmission towers — can be used as tax credits, the Supreme Court of India ruled Wednesday.
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November 20, 2024
NY Says Changes To Fed. Tax Return Reset Refund Timeline
A couple living in Switzerland for part of each year timely filed their claim for overpaid New York state income taxes dating back to 2011 soon after winning double-taxation relief under the Swiss-U.S. tax treaty in 2018, the state's tax department said.
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November 20, 2024
NY Tax Withholding Not Needed For Foreign Board Member
A New York company that appointed an Italian citizen to its board of directors does not have to withhold state income tax for payments made to that board member, the state's tax department said.
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November 20, 2024
Irish Social Democrats Run On Wealth Tax For Millionaires
Ireland's Social Democrats are campaigning for this month's general election on a 0.5% tax on individuals' assets over €1 million ($1.1 million) — excluding homes, family businesses, art and pensions — and 1% for assets over €2 million, according to its manifesto.
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November 20, 2024
Israel Commits To OECD Crypto Information Swap Framework
Israel committed to implementing the Organization for Economic Cooperation and Development's framework for automatically exchanging financial information regarding crypto-assets by 2027, the country's Ministry of Finance said Wednesday.
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November 20, 2024
UK Biz Owes Taxes On £200M Sale Of Lease, Court Affirms
A U.K. property company owes tax on its intragroup purchase of a lease for a 50-story apartment tower in central London for £200 million ($253 million) despite its tax advisers' promise of a tax-free step-up in basis, the Upper Tribunal said Wednesday.
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November 20, 2024
Feds Again Seek Early Win In $11.6M Willful FBAR Dispute
The U.S. government intends to renew its request to resolve a narrow matter in a dispute with an international businessman facing an $11.6 million penalty for willful failure to report his foreign bank accounts before the case heads to trial, according to a filing in Hawaii federal court.
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November 20, 2024
Data Centers Ineligible For Tax Breaks, UK Justices Affirm
The U.K. Supreme Court dismissed a British developer's appeal Wednesday, ruling that HM Revenue & Customs was right to deny the company tax allowances it claimed on building two data centers in an enterprise zone.
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November 20, 2024
Switzerland To Expand Pillar 2 Minimum Tax Legislation
The Swiss government announced Wednesday that it is expanding its legislation under an international minimum tax agreement known as Pillar Two to add a measure that will help bring in up to 3.5 billion Swiss francs ($4 billion).
Expert Analysis
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Congress Can And Must Enact A Supreme Court Ethics Code
As public confidence in the U.S. Supreme Court dips to historic lows following reports raising conflict of interest concerns, Congress must exercise its constitutional power to enact a mandatory and enforceable code of ethics for the high court, says Muhammad Faridi, president of the New York City Bar Association.
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What To Make Of Dueling Corporate Transparency Act Rulings
Although challenges to the Corporate Transparency Act abound — as highlighted by recent federal court decisions from Alabama and Oregon taking opposite positions on its constitutionality — the act is still law, so companies should comply with their filing requirements or face the potential consequences, say attorneys at Lowenstein Sandler.
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The 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.