International

  • March 01, 2024

    Aussie Royalty Ruling Counter To Int'l Standards, Groups Say

    An updated version of Australia's draft ruling regarding the taxation of royalty income from certain software and other intellectual property transactions runs afoul of international standards, according to two industry groups.

  • March 01, 2024

    IRS Turning To Experts, AI For Complex Returns, Werfel Says

    The Internal Revenue Service is using a blend of newly hired subject-matter experts and artificial intelligence technology to increase scrutiny of complex tax returns filed by wealthy corporations and individuals, agency Commissioner Daniel Werfel said Friday.

  • March 01, 2024

    Major Cos. Paying Well Below 21% TCJA Tax Rate, Study Says

    Major corporations such as Netflix and T-Mobile are on average paying well below the 21% corporate tax rate established by the 2017 Tax Cuts and Jobs Act, a study by the Institute on Taxation and Economic Policy of more than 340 major corporations showed.

  • March 01, 2024

    House Tax Panel To Prep Members On OECD Pillar 1

    Neither Republicans nor Democrats on the House Ways and Means Committee have opined much about the OECD profit reallocation plan known as Pillar One, but they will gain valuable information during an upcoming subcommittee meeting, a tax staffer for the panel said Friday.

  • March 01, 2024

    VAT Fraud Led To €11.5B In Damages To EU Budget

    Despite making up just 18% of all active European Public Prosecutor's Office investigations by the end of 2023, value-added tax fraud cases amounted to more than €11.5 billion ($12.5 billion) in estimated damages to the European Union budget, the EPPO said Friday.

  • March 01, 2024

    Taxation With Representation: Pillsbury, Cleary Gottlieb

    In this week's Taxation with Representation, First Advantage Corp. acquires Sterling Check Corp., International Game Technology spins off two subsidiaries, Disney merges its media operations in India with Reliance Industries, and Atlas Energy Solutions purchases Hi-Crush.

  • February 29, 2024

    Czech Republic May End Windfall Tax Early, Minister Says

    The Czech Republic may end its windfall tax on the profits of banks as well as petrochemical and energy companies a year before its scheduled expiration, its finance minister said Thursday.

  • February 29, 2024

    Global Wealth Tax Plan Could Mirror Pillar 2, G20 Told

    A global minimum wealth tax featuring a top-up tax and enforcement system similar to the global minimum tax on corporations would reduce the ability of very wealthy individuals to avoid the measure by relocating, according to a presentation made to the Group of 20 nations Thursday.

  • February 29, 2024

    Biz Owner's $2.4M FBAR Dispute Paused For Mediation

    The U.S. government and a retired plumbing business owner mutually agreed to a 90-day stay of their $2.4 million tax dispute over foreign bank account reporting while they try to mediate a solution, a Georgia federal judge said Thursday.

  • February 29, 2024

    Spain Updating Control Measures For Foreign Online Sellers

    Spain's government is updating its control measures to better its ability to collect value-added taxes from foreign-based operators selling goods online to customers in the country, its tax agency said Thursday.

  • February 29, 2024

    Senate Confirms First Woman To Top IRS Attorney Post

    The U.S. Senate on Thursday confirmed a former director at EY who previously served as associate chief counsel, international, at the Internal Revenue Service to be the agency's chief counsel, making her the first woman to be confirmed for the role.

  • February 29, 2024

    Medtronic Says 3 Years Of Tax Returns Under IRS Audit

    Three years of medical device company Medtronic's federal income tax returns are being audited by the Internal Revenue Service, the company said in a U.S. Securities and Exchange Commission filing.

  • February 29, 2024

    HMRC Uncovers Complex Offshore Tax Avoidance Scheme

    The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.

  • February 29, 2024

    European Authorities Arrest 14 In €195M VAT Fraud Probe

    European law enforcement agencies said Thursday that they had arrested 14 people suspected in a €195 million ($211 million) value-added tax fraud across 17 countries.

  • February 28, 2024

    Amgen Seeks Dismissal Of Investor Action Over $11B Tax Bill

    Amgen had no obligation to disclose specific amounts of proposed adjustments to its taxes, the company told a New York federal court as it again demanded dismissal of a proposed class action alleging the company hid a $10.7 billion tax bill from investors.

  • February 28, 2024

    SC Legislature OKs Standards For Transfer Pricing Matters

    South Carolina lawmakers passed a bill Wednesday that would impose additional standards for when the state or a business can assert alternative apportionment when evaluating transfer pricing matters.

  • February 28, 2024

    G20 To Talk Global Minimum Wealth Tax At Brazil's Behest

    The Group of 20 nations' finance ministers and central bank governors will hear proposals for a global minimum tax on wealth Thursday, Brazil's finance minister said Wednesday while expressing support for the policy idea at the opening of meetings in São Paulo.

  • February 28, 2024

    EU Authorities Bust €30M Italian VAT Fraud Ring

    Nine suspects were arrested as part of an investigation into an Italian fraud ring involving beverage sales that resulted in them dodging €30 million ($32.5 million) in value-added taxes, the European Public Prosecutor's Office said.

  • February 28, 2024

    Bank Disputes South Africa's $254M Claim Over Client Taxes

    A South African bank said it should not be held liable for 4.9 billion rand ($254.2 million) plus interest and costs for taxes that the country's revenue service could not collect from the bank's former foreign exchange clients due to illegal actions.

  • February 28, 2024

    Hong Kong To Propose Increased Tax On High Earners

    Hong Kong's government plans to propose a two-tiered income tax rate system that would impact those making over HK$5 million ($639,000) per year, its financial secretary said Wednesday.

  • February 28, 2024

    Draft EU Withholding Law Breezes Through EU Parliament

    The European Parliament gave a clear green light on Wednesday to a draft law intended to streamline refunds for withholding tax and prevent fraud in the European Union, completing a necessary procedural step in the legislative process.

  • February 27, 2024

    US Biz Group Urges Treasury Against Basis Denial Rule

    The U.S. Treasury Department should rethink its proposed upcoming rule that would deny the basis that U.S. companies have in particular foreign affiliates involved in certain inbound transactions, the National Foreign Trade Council said in a letter made public Tuesday.

  • February 27, 2024

    HMRC Customer Service At All-Time Low, Report Finds

    The U.K. tax authority has reached an all-time low level of customer service due to the rising demands from taxpayers and the growing complexity of tax problems, according to a parliamentary report published Wednesday.

  • February 27, 2024

    Mexico Needs Reforms To Boost Tax Revenue, OECD Says

    Mexico, which has the lowest tax-to-gross-domestic-product ratio among members of the Organization for Economic Cooperation and Development, needs to boost its tax revenue and more efficiently spend public funds, the organization said Tuesday.

  • February 27, 2024

    18 Arrested In €2B Money Laundering Scheme In Europe

    Authorities in Italy, Latvia and Lithuania arrested 18 unidentified suspects in connection to a Lithuanian financial institution that they say used an online service to launder an estimated €2 billion ($2.17 billion) for criminals since 2017, European Union authorities said Tuesday.

Featured Stories

  • Stalled Pillar 1 Raises Specter Of EU Digital Tax

    Todd Buell

    The stalling at the international level of a redistribution of taxing rights known as Pillar One is raising questions about whether the European Union would revive a digital tax, which it had put aside hoping Pillar One would succeed.

  • Pillar 2 Could Clash With US Double-Dipping Loss Rules

    Natalie Olivo

    The Pillar Two international minimum tax agreement involves calculations that could trigger long-standing U.S. rules that are designed to prevent companies from what is known as double-dipping the same economic loss, raising questions about how upcoming regulations will navigate these two systems.

  • Swiss Seen Turning To Credits, Subsidies As Pillar 2 Begins

    Todd Buell

    Switzerland is expected to turn to the use of subsidies and tax credits to try to keep business in the country as its ability to compete on tax rates is curtailed by the introduction of the global minimum tax.

Expert Analysis

  • How Firms Can Ensure Associate Gender Parity Lasts

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    Among associates, women now outnumber men for the first time, but progress toward gender equality at the top of the legal profession remains glacially slow, and firms must implement time-tested solutions to ensure associates’ gender parity lasts throughout their careers, say Kelly Culhane and Nicole Joseph at Culhane Meadows.

  • 7 Common Myths About Lateral Partner Moves

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    As lateral recruiting remains a key factor for law firm growth, partners considering a lateral move should be aware of a few commonly held myths — some of which contain a kernel of truth, and some of which are flat out wrong, says Dave Maurer at Major Lindsey.

  • 6 Pointers For Attys To Build Trust, Credibility On Social Media

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    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.

  • US-Chile Tax Treaty May Encourage Cross-Border Investment

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    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.

  • A Post-Mortem Analysis Of Stroock's Demise

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    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.

  • SG's Office Is Case Study To Help Close Legal Gender Gap

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    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.

  • Reimagining Law Firm Culture To Break The Cycle Of Burnout

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    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.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    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.

  • The Legal Industry Needs A Cybersecurity Paradigm Shift

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    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.

  • As Promised, IRS Is Coming For Crypto Tax Evaders

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    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.

  • 5 Reasons Associates Shouldn't Take A Job Just For Money

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    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.

  • The Pop Culture Docket: Judge Djerassi On Super Bowl 52

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    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.

  • Employee Experience Strategy Can Boost Law Firm Success

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    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.