International
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January 24, 2025
Australian Tax Transparency Rules Could Set Benchmark
Australian lawmakers recently enacted legislation that requires large multinational corporations to publicly disclose their worldwide business operations and tax information with an unprecedented level of scope and detail, which advocates say could set a global standard for corporate transparency.
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January 23, 2025
Taiwan Double-Tax Relief Floated In Senate After House OK
The Senate Finance Committee introduced bipartisan legislation Thursday that would grant tax benefits to Taiwanese businesses in the U.S. and authorize the White House to negotiate a tax agreement with Taiwan, following the House of Representatives' approval of companion legislation.
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January 23, 2025
Corporate Transparency Law Remains Flanked By Threats
The Corporate Transparency Act is facing threats across the branches of government despite the U.S. Supreme Court pausing a nationwide injunction on it Thursday, with another universal injunction in place, other court battles underway and some Republican lawmakers targeting the law.
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January 23, 2025
Finland's Corporate Tax Revenue Dipped 8% Last Year
Finland's corporate tax take fell about 8% last year on an annual basis, although the government has a slight surplus overall with €81.7 billion ($85.1 million) in total revenues, the country's tax authority said Thursday.
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January 23, 2025
UK Gov't Tones Down Plan For Non-Dom Tax Changes
The U.K. government will amend its finance bill to soften its plan to abolish the nondomicile tax status for people claiming tax benefits as nonresidents, Exchequer Chancellor Rachel Reeves said in an interview broadcast Thursday.
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January 23, 2025
Australia Looking To Combine 3 Accounting Bodies
The Australian government asked for feedback Thursday on a plan to combine three accounting standards boards into one, with the goal of streamlining the country's financial reporting architecture to adapt to continued changes to the economy and reporting rules.
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January 23, 2025
Poland's €23M For Chemical Co. Clears EU State Aid Inquiry
The Polish government didn't break state aid law when it awarded €23 million ($23.9 million) to a chemical producer to open a production plant, the European Commission said Thursday.
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January 23, 2025
Gov't Floats Tweak To Pension Tax As £49M Returned
The government confirmed Thursday that it will close a controversial loophole that has resulted in retirees being overtaxed to the tune of £1.3 billion ($1.6 billion) over the past decade.
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January 22, 2025
Renewing TCJA Will Deepen Economic Divide, Oxfam Says
Renewing the Tax Cuts and Jobs Act would cost the U.S. more than $4.5 trillion in revenue that could be used to reduce economic inequality, nongovernmental organization Oxfam said in the release of its annual report on inequality.
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January 22, 2025
GOP Again Floats Reciprocal Taxes In Affront To Global Deal
Republicans on the House Ways and Means Committee on Wednesday renewed their proposal for reciprocal taxes against countries that participate in an international minimum tax agreement, following up on President Donald Trump's rejection of the global accord.
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January 22, 2025
Parliament Defends Report Alleging HMRC Has Poor Service
The chair of a United Kingdom parliamentary committee said Wednesday he was disappointed in HM Revenue & Customs rejection of an inquiry alleging the tax authority's customer service standards deteriorated to an all-time low in 2023 and 2024, arguing the agency approved reports that back up his findings.
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January 22, 2025
India Won't Apply Tax Treaty Abuse Provision Retroactively
An India tax agency said it won't retroactively apply an anti-abuse provision added to India's double-tax treaties with other countries by the nation's adoption of the Organization for Economic Cooperation and Development's multilateral convention on base erosion and profit shifting.
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January 22, 2025
UK Insurance Premium Tax Haul Up 10%, Hits Record £6.7B
The U.K. government raised a record £6.7 billion ($8.3 billion) in insurance premium tax in the first nine months of the financial year ending March, up 10% from the corresponding period a year earlier, according to HMRC figures released Wednesday.
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January 21, 2025
Parliamentary Panel Faults HMRC's Customer Service
HM Revenue & Customs is failing to deliver a good service to taxpayers, with its standards sliding even lower last tax year compared with the prior year, the U.K. Parliament's Public Accounts Committee said in a report published Tuesday.
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January 21, 2025
Detroit Council OKs $45K Settlement Over Holding Co.'s Gain
The city of Detroit approved a settlement Tuesday in the Michigan Tax Tribunal in a long-running tax assessment dispute stemming from a holding company's gain from selling stock in a Canadian tobacco testing company.
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January 21, 2025
Mexico Extends Tax Breaks To Domestic Taxpayers
Mexico is extending a number of tax breaks aimed at foreign companies to qualifying domestic taxpayers, such as the ability to reduce taxable income by immediately deducting investments in fixed assets through late 2030, according to a presidential decree Tuesday.
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January 21, 2025
Skadden Hires Tax Pro In London From Baker McKenzie
Skadden Arps Slate Meagher & Flom LLP has hired a former Baker McKenzie partner to serve in the firm's tax group in London.
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January 21, 2025
Expat Facing $6.9M In FBAR Penalties, Interest
An American woman living in Switzerland faces $6.9 million in penalties, interest and late fees because she did not report her accounts that were held at a Swiss bank, the U.S. government told a D.C. federal court.
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January 21, 2025
UK Waste Management Co. Denies Ties To £2.2M Tax Scam
A U.K. waste management company denied involvement in a scheme to reduce tax rates that put a business affiliate on the hook for £2.2 million ($2.7 million), contending that the affiliate failed to detect red flags.
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January 21, 2025
Sweden Considering Wind Turbine Property Tax Hike
Sweden is considering increasing the property tax on wind turbines to 0.5% of their assessed value from the current 0.2% starting in 2026, the country's Ministry of Finance said Tuesday.
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January 21, 2025
EU Officials Still Committed To Global Tax Deal Without US
The European Union remains committed to the global tax deal signed by over 130 countries in 2021 even after President Donald Trump announced the U.S. would no longer participate in the agreement, according to EU officials speaking in Brussels on Tuesday.
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January 21, 2025
Justices Decline To Review NY Tax On IBM, Disney Royalties
The U.S. Supreme Court declined Tuesday to hear claims from Disney and IBM that New York's former method of taxing royalty payments from foreign affiliates resulted in unconstitutional discrimination against interstate commerce.
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January 21, 2025
HMRC Wins Appeal In £197M BlueCrest Tax Battle
A London appeals court has sent a challenge by British-American hedge fund BlueCrest to a demand from HM Revenue and Customs for approximately £197 million ($242 million) in tax back to a lower tribunal for fresh consideration.
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January 17, 2025
Law360 Names Practice Groups Of The Year
Law360 would like to congratulate the winners of its Practice Groups of the Year awards for 2024, which honor the attorney teams behind litigation wins and significant transaction work that resonated throughout the legal industry this past year.
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January 17, 2025
Law360 Names Firms Of The Year
Eight law firms have earned spots as Law360's Firms of the Year, with 54 Practice Group of the Year awards among them, steering some of the largest deals of 2024 and securing high-profile litigation wins, including at the U.S. Supreme Court.
Expert Analysis
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6 Pointers For Attys To Build Trust, Credibility On Social Media
In an era of information overload, attorneys can use social media strategically — from making infographics to leveraging targeted advertising — to cut through the noise and establish a reputation among current and potential clients, says Marly Broudie at SocialEyes Communications.
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US-Chile Tax Treaty May Encourage Cross-Border Investment
Provisions in the recently effective U.S.-Chile bilateral income tax treaty should encourage business between the two countries, as they reduce U.S. withholding tax on investment income for Chilean taxpayers, exempt certain U.S. taxpayers from Chilean capital gains tax, and clarify U.S. foreign tax credit rules, say attorneys at Kramer Levin.
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A Post-Mortem Analysis Of Stroock's Demise
After the dissolution of 147-year-old firm Stroock late last year shook up the legal world, a post-mortem analysis of the data reveals a long list of warning signs preceding the firm’s collapse — and provides some insight into how other firms might avoid the same disastrous fate, says Craig Savitzky at Leopard Solutions.
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SG's Office Is Case Study To Help Close Legal Gender Gap
As women continue to be underrepresented in the upper echelons of the legal profession, law firms could learn from the example set by the Office of the Solicitor General, where culture and workplace policies have helped foster greater gender equality, say attorneys at Ocean Tomo.
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Reimagining Law Firm Culture To Break The Cycle Of Burnout
While attorney burnout remains a perennial issue in the legal profession, shifting post-pandemic expectations mean that law firms must adapt their office cultures to retain talent, say Kevin Henderson and Eric Pacifici at SMB Law Group.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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The Legal Industry Needs A Cybersecurity Paradigm Shift
As law firms face ever-increasing risks of cyberattacks and ransomware incidents, the legal industry must implement robust cybersecurity measures and privacy-centric practices to preserve attorney-client privilege, safeguard client trust and uphold the profession’s integrity, says Ryan Paterson at Unplugged.
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As Promised, IRS Is Coming For Crypto Tax Evaders
The IRS is fulfilling its promise to crack down on those who have neglected to pay taxes on cryptocurrency earnings, as demonstrated by recently imposed prison sentences, enforcement initiatives and meetings with international counterparts — suggesting a few key takeaways for taxpayer compliance, say attorneys at BakerHostetler.
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5 Reasons Associates Shouldn't Take A Job Just For Money
As a number of BigLaw firms increase salary scales for early-career attorneys, law students and lateral associates considering new job offers should weigh several key factors that may matter more than financial compensation, say Albert Tawil at Lateral Hub and Ruvin Levavi at Power Forward.
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The Pop Culture Docket: Judge Djerassi On Super Bowl 52
Philadelphia Court of Common Pleas Judge Ramy Djerassi discusses how Super Bowl 52, in which the Philadelphia Eagles prevailed over the New England Patriots, provides an apt metaphor for alternative dispute resolution processes in commercial business cases.
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Employee Experience Strategy Can Boost Law Firm Success
Amid continuing business uncertainty, law firms should consider adopting a holistic employee experience strategy — prioritizing consistency, targeting signature moments and leveraging measurement tools — to maximize productivity and profitability, says Haley Revel at Calibrate Consulting.
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6 Practice Pointers For Pro Bono Immigration Practice
An attorney taking on their first pro bono immigration matter may find the law and procedures beguiling, but understanding key deadlines, the significance of individual immigration judges' rules and specialized aspects of the practice can help avoid common missteps, says Steven Malm at Haynes Boone.
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Lessons From Country Singer's Personal Service Saga
Recent reports that country singer Luke Combs won a judgment against a Florida woman who didn’t receive notice of the counterfeit suit against her should serve as a reminder for attorneys on best practices for effectuating service by electronic means, say attorneys at Jenner & Block.