International
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December 09, 2024
Insurer Launches Estate Planning Cover After Tax Changes
Royal London said on Monday that it has launched an insurance product designed to help consumers with their end-of-life planning, as a growing number of estates are set to become subject to inheritance tax after recent government changes.
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December 06, 2024
DC Circ. Affirms Man's $1.2M 'Seriously Delinquent' Tax Debt
A Florida man owes more than $1.2 million in federal taxes, the D.C. Circuit said Friday, affirming the Internal Revenue Service's certification of his liability under a law that allows those with a "seriously delinquent" tax debt to have their passport revoked.
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December 06, 2024
NZ Considering Edits To 'Internationally Unusual' Tax Regime
New Zealand's government received feedback that its rules for taxing investments of 10% or less in foreign companies may be discouraging people who hold interests in such entities from moving to the country, and it is seeking feedback on possible solutions, its tax authority said Friday.
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December 06, 2024
Gov't Appeals Texas Judge's Block On Anti-Laundering Law
The U.S. government has appealed a Texas federal judge's order that halted the rollout of new reporting requirements aimed at unmasking anonymous shell companies, setting the stage for the Fifth Circuit to weigh in on the nationwide preliminary injunction.
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December 06, 2024
Simpson Thacher Adds Tax Pro From Ropes & Gray
Simpson Thacher & Bartlett LLP announced the firm has added a tax professional from Ropes & Gray LLP as a partner in its Washington, D.C., office.
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December 06, 2024
Authorities Investigating Possible €200M German VAT Fraud
The European Public Prosecutor's Office carried out searches at a Munich bank as part of an investigation into a man who created a fictitious business to process more than €200 million ($211 million) in funds generated from a value-added tax fraud scheme, the EPPO said Friday.
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December 06, 2024
Canada's Chinese Import Surtaxes Expected To Raise $334M
Canada's new surtaxes on Chinese electric vehicles and steel and aluminum products are estimated to generate CA$473 million ($334 million) over the next five years, though the EV surtax on its own is likely to cause a dip in revenue, a government analysis said.
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December 06, 2024
Taxation With Representation: Skadden, Gibson Dunn
In this week's Taxation With Representation, BlackRock buys HPS Investment Partners, TreeHouse Foods Inc. buys Harris Tea, Aya Healthcare acquires Cross Country Healthcare, and Bruin Capital launches a soccer representation business.
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December 05, 2024
11th Circ. Won't Rethink $100M Credit For John Hancock
The Eleventh Circuit won't reconsider its decision to let John Hancock Life Insurance Co. keep $100 million in foreign tax credits, leaving in place its October ruling against a Florida law firm retirement plan's trustees.
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December 05, 2024
OECD Suggests Tax Shifts To Address Greece's Debt
Greece has a lot of work to do to reduce its nearly 164% public-debt-to-gross domestic product ratio, and one avenue to generate the kind of budget surplus needed is through a suite of tax changes, the Organization for Economic Cooperation and Development said Thursday.
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December 05, 2024
OECD Removes Application Deadline For Int'l Pricing Program
The Organization for Economic Cooperation and Development said Thursday it has removed biannual deadlines for large multinational entities to apply for the International Compliance Assurance Program, a multilateral effort to resolve transfer pricing issues.
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December 05, 2024
Australia Mulling More Country-By-Country Reporting Advice
While the Australian Taxation Office is already working on guidance for the country's newly adopted public country-by-country reporting rules, it is looking for input on what other areas of the provision businesses may need assistance in interpreting.
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December 05, 2024
Authorities Say €38M Greece VAT Fraud Tied To Larger Ring
Authorities in Greece carried out searches in Athens as part of an investigation into a scheme estimated to have caused €38 million ($40 million) in value-added tax losses, which the European Public Prosecutor's Office said Thursday had connections to a larger €2.2 billion scheme.
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December 05, 2024
Dutch Gov't Will Not Adopt Amount B Pricing Framework
The Dutch government announced that it will not apply a new international tax framework known as Amount B that is designed to streamline the pricing of certain cross-border operations, but it will accept the outcome when other countries apply it.
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December 05, 2024
Australia To Limit Access To Beneficial Ownership Registry
Australia's government intends to limit public access to a registry of beneficial owners for unlisted entities so that only law enforcement, regulators, journalists and academics can request files initially based on its solicitor's privacy recommendations, the Treasury said Wednesday.
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December 05, 2024
Watchdog Urges Ireland To Stash More Of €84B Tax Surplus
The Irish government should put aside more than the €31 billion ($32.7 billion) it has planned to reserve of the €84 billion tax surplus it expects to have between 2026 and 2030, a budget watchdog said Thursday, citing concerns about U.S. policy changes.
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December 05, 2024
HMRC Wins Freezing Order Over Alleged £171M Tax Fraud
A court imposed a freezing order against three British businesses on Thursday after the U.K. tax authority accused them of orchestrating a £171 million ($218 million) National Insurance fraud.
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December 04, 2024
Retired Professor Says He Didn't Waive Rights In FBAR Fight
An 86-year-old former professor told a California federal court that he raised his Eighth Amendment rights against excessive fines when defending himself against a $545,000 penalty for failing to report foreign bank accounts, disputing arguments by the U.S. government that he had waived those rights.
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December 04, 2024
Estonia Plans To Implement Mandatory E-Invoicing By 2027
Estonia's Ministry of Finance announced Wednesday plans to require businesses to file all invoices electronically in order to enhance the country's collection of value-added taxes while limiting compliance burdens.
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December 04, 2024
Australia Floats Thin Capitalization Debt-Test Guidance
The Australian Taxation Office is seeking public comments on draft guidance related to its third-party debt test, one of three new tests created as part of the country's updated thin capitalization rules.
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December 04, 2024
Reed Smith Adds State Tax Partner To San Francisco Office
Reed Smith LLP added a partner to its national state tax practice who will work out of its San Francisco office, according to the firm.
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December 04, 2024
Ringleader Of €6M VAT Fraud Scheme Gets 4-Year Sentence
A German court issued a four-year prison sentence for a ringleader of a €6 million ($6.3 million) value-added tax fraud scheme involving wireless earbuds, as well as ordering that he pay €960,000, the European Public Prosecutor's Office said Wednesday.
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December 04, 2024
Pols Ask Why EU Blacklist Leaves Out 'Notorious Tax Havens'
Members of the European Parliament questioned the chair of the Code of Conduct Group on business taxation about its criteria for adding countries to the European Union's blacklist of uncooperative tax jurisdictions.
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December 03, 2024
Texas Judge Blocks 'Quasi-Orwellian' Anti-Laundering Law
A Texas federal judge on Tuesday halted the Biden administration's roll-out of new reporting requirements aimed at unmasking anonymous shell companies, granting a nationwide preliminary injunction sought by business interests challenging their constitutionality.
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December 03, 2024
Fried Frank Adds Goodwin Procter Tax Pro As Partner In NY
Fried Frank Harris Shriver & Jacobson LLP announced Tuesday that a Goodwin Procter LLP tax and business law partner has joined the firm and will serve as a partner in Fried Frank's tax department in New York.
Expert Analysis
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Mirror, Mirror On The Wall, Is My Counterclaim Bound To Fall?
A Pennsylvania federal court’s recent dismissal of the defendants’ counterclaims in Morgan v. Noss should remind attorneys to avoid the temptation to repackage a claim’s facts and law into a mirror-image counterclaim, as this approach will often result in a waste of time and resources, says Matthew Selmasska at Kaufman Dolowich.
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3 Leadership Practices For A More Supportive Firm Culture
Traditional leadership styles frequently amplify the inherent pressures of legal work, but a few simple, time-neutral strategies can strengthen the skills and confidence of employees and foster a more collaborative culture, while supporting individual growth and contribution to organizational goals, says Benjamin Grimes at BKG Leadership.
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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.