International
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October 09, 2024
Gov't Warned Over National Insurance Levy On Pensions
About half of U.K. employers would scale back the amount they pay into staff pensions to regulatory minimums if a new tax was applied to contributions, according to a survey by a trade group published Wednesday.
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October 08, 2024
Germany May Offer Tax Break For 'E-Fuel' Cars, Ministry Says
The German government will consider a motor vehicle tax exemption for cars running only on fuels manufactured with renewable energy, known as e-fuels-only vehicles, the German Ministry of Finance announced Tuesday.
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October 08, 2024
China Pushes Back On Turkish EV Tariffs, Targets EU Brandy
China said Tuesday that it is appealing to the World Trade Organization to halt Turkish tariffs on electric and hybrid vehicles made in the country, and it announced a temporary anti-dumping measure on European Union brandy that follows the bloc's own EV tariffs.
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October 08, 2024
Tire Seller Counts As Importer, Owes $2M Tax, 5th Circ. Says
A Houston truck sales company owes nearly $2 million in excise taxes because it qualifies as the importer of tires that it bought from a Chinese manufacturer, the Fifth Circuit ruled Tuesday in overturning the decision of a Texas federal judge.
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October 08, 2024
Loss Rule Carveouts Raise Challenges In Pillar 2, Official Says
An IRS official flagged administrability concerns Tuesday with potential safe harbors that would, in some cases, carve out an international minimum tax agreement from interacting with long-standing domestic rules aimed at preventing companies from using the same economic loss twice.
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October 08, 2024
Australia Makes Additional Changes To Tax Pro Conduct Code
After industry pushback, delays and further tweaks, Australia's minister for financial services signed into law Tuesday further amendments to the nation's tax professional code of conduct as part of the country's reaction to the PwC document leak scandal.
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October 08, 2024
Eversheds Recruits Tax Disputes Partner From RPC
Eversheds Sutherland announced it has added a regulatory and tax disputes partner to its London office from Reynolds Porter Chamberlain LLP.
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October 08, 2024
UK Gov't Should Impose Exit Tax, Economists Say
The U.K. should follow the example of Australia and Canada and enact a tax on business owners leaving the country, according to a report published Tuesday by a research group.
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October 08, 2024
EU Removes Antigua And Barbuda From Tax Blacklist
The Council of the European Union removed Antigua and Barbuda from its blacklist of noncooperation jurisdictions on global tax standards, the EU's Economic and Financial Affairs Council announced Tuesday.
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October 08, 2024
Gov't Urged To Commit To Pension Tax 'Lock' In Budget
The government must commit to a long-term pact on pension tax policy, experts said, warning that prolonged uncertainty is damaging consumer confidence.
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October 07, 2024
Justices Won't Hear Man's FBAR Constitutionality Challenge
The U.S. Supreme Court let stand Monday a Seventh Circuit decision dismissing a man's challenge to the constitutionality of the Bank Secrecy Act's requirement to report his foreign bank accounts, effectively ending the man's claim that the filings were an invasion of privacy.
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October 07, 2024
Jury Finds Professor Hid Foreign Bank Accounts
An 86-year-old former college professor faces more than $500,000 plus interest in penalties after a jury found that he had deliberately failed to report his foreign bank accounts in Switzerland and Turkey, according to documents filed in a California federal court.
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October 07, 2024
Man Who Faced Espionage Case Gets Probation Over Taxes
A Chinese engineer initially accused of illegally exporting documents on military aircraft to China was given probation and fined for failing to report about $1.4 million in business income by a Texas federal court after the government dropped its export charges.
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October 07, 2024
Singapore Seeks Comments On Min. Tax Safe Harbor Rules
Singapore is looking for feedback on proposed safe harbor and transition rules that would complement its coming implementation of the OECD's Pillar Two global minimum tax on large multinational corporations, its revenue authority said.
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October 07, 2024
Norway's Gov't Looking To Close Exit Tax Loophole
Norway's government said Monday that it is looking to close a loophole by adjusting its exit tax rules, though the tightening on when the tax must be paid would be paired with a 500% increase of the threshold for when the tax becomes applicable.
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October 07, 2024
Corp. Tactics May Call For Rethinking Tax Breaks, Paper Says
Countries may want to look at scaling back corporate tax breaks to address tax planning opportunities taken advantage of by businesses over the past 20 years while those tax breaks have proliferated, according to a working paper published Monday by the Organization for Economic Cooperation and Development.
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October 07, 2024
India Seeking Feedback On Income Tax Regime
India's government said Monday it is undergoing what it called a comprehensive review of its income tax regime in hopes of reducing litigation and increasing taxpayer certainty.
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October 07, 2024
TCJA Extension, Biz Tax Cut To Reward Top 5%, Report Says
Former President Donald Trump's planned extension of the 2017 tax cuts and lowering of corporate rates contribute most among his platform to lowering taxes for the wealthiest 5% and hiking them for everyone else, the left-leaning Institute on Taxation and Economic Policy said Monday in a report.
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October 05, 2024
Biz Owners Saved £1.3B On Inheritance Tax, Report Says
Business owners have saved their families an estimated £1.3 billion ($1.7 billion) last year by claiming business property relief on inheritance tax, according to law firm TWM Solicitors.
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October 04, 2024
DC Circ. Won't Reconsider Whistleblower's $690M Claim
The D.C. Circuit on Friday rejected a whistleblower's request that it rehear a ruling upholding the denial of up to $690 million, or 30%, of the $2.3 billion collected in an Internal Revenue Service offshore voluntary disclosure program.
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October 04, 2024
Promise Of OECD's Payments Tax Treaty Called Into Question
The OECD-designed tool to provide developing countries with better means to apply a minimum tax on income sent from their jurisdictions to low-taxed entities within a corporate group is inadequate to address those countries' revenue needs, tax policy organizations said.
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October 04, 2024
Australia Wants Feedback On Tax Promoter Penalty Regime
The Australian government asked Friday for feedback on the country's current tax promoter penalty regime as part of its efforts to strengthen its regulatory frameworks in the wake of the PwC document leak scandal.
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October 04, 2024
Europe Votes To Raise Tariffs On Electric Vehicles From China
European Union member states voted Friday to impose higher tariffs on imports of battery electric vehicles from China for the next five years, adding to the already staggering tariffs imposed by the United States and Canada.
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October 04, 2024
Brazil Establishes 15% Global Min. Tax On Large Cos.
Brazil's government has adopted the Organization for Economic Cooperation and Development's 15% global corporate minimum tax on large multinational corporations making €750 million ($823 million) annually.
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October 04, 2024
Former NJ Doctor Owes $4.8M In FBAR Penalties, Court Told
A former physician in New Jersey faces a tax bill of almost $5 million for failing to report 19 bank accounts he opened at Indian banks, the government told a federal court.
Expert Analysis
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Why Attorneys Should Consider Community Leadership Roles
Volunteering and nonprofit board service are complementary to, but distinct from, traditional pro bono work, and taking on these community leadership roles can produce dividends for lawyers, their firms and the nonprofit causes they support, says Katie Beacham at Kilpatrick.
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Firms Must Offer A Trifecta Of Services In Post-Chevron World
After the U.S. Supreme Court’s Loper Bright Enterprises v. Raimondo decision overturning Chevron deference, law firms will need to integrate litigation, lobbying and communications functions to keep up with the ramifications of the ruling and provide adequate counsel quickly, says Neil Hare at Dentons.
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5 Tips To Succeed In A Master Of Laws Program And Beyond
As lawyers and recent law school graduates begin their Master of Laws coursework across the country, they should keep a few pointers in mind to get the most out of their programs and kick-start successful careers in their practice areas, says Kelley Miller at Reed Smith.
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How Law Firms Can Avoid 'Collaboration Drag'
Law firm decision making can be stifled by “collaboration drag” — characterized by too many pointless meetings, too much peer feedback and too little dissent — but a few strategies can help stakeholders improve decision-making processes and build consensus, says Steve Groom at Miles Mediation.
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Litigation Funding Disclosure Key To Open, Impartial Process
Blanket investor and funding agreement disclosures should be required in all civil cases where the investor has a financial interest in the outcome in order to address issues ranging from potential conflicts of interest to national security concerns, says Bob Goodlatte, former U.S. House Representative for Virginia.
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What NFL Draft Picks Have In Common With Lateral Law Hires
Nearly half of law firm lateral hires leave within a few years — a failure rate that is strikingly similar to the performance of NFL quarterbacks drafted in the first round — in part because evaluators focus too heavily on quantifiable metrics and not enough on a prospect's character traits, says Howard Rosenberg at Baretz+Brunelle.
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Replacing The Stigma Of Menopause With Law Firm Support
A large proportion of the workforce is forced to pull the brakes on their career aspirations because of the taboo surrounding menopause and a lack of consistent support, but law firms can initiate the cultural shift needed by formulating thoughtful workplace policies, says Barbara Hamilton-Bruce at Simmons & Simmons.
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Planning Law Firm Content Calendars: What, When, Where
During the slower month of August, law firms should begin working on their 2025 content calendars, planning out a content creation and distribution framework that aligns with the firm’s objectives and maintains audience engagement throughout the year, says Jessica Kaplan at Legally Penned.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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The Big Issues A BigLaw Associates' Union Could Address
A BigLaw associates’ union could address a number of issues that have the potential to meaningfully improve working conditions, diversity and attorney well-being — from restructured billable hour requirements to origination credit allocation, return-to-office mandates and more, says Tara Rhoades at The Sanity Plea.
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It's Time For A BigLaw Associates' Union
As BigLaw faces a steady stream of criticism about its employment policies and practices, an associates union could effect real change — and it could start with law students organizing around opposition to recent recruiting trends, says Tara Rhoades at The Sanity Plea.
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How Justices Upended The Administrative Procedure Act
In its recent Loper Bright, Corner Post and Jarkesy decisions, the U.S. Supreme Court fundamentally changed the Administrative Procedure Act in ways that undermine Congress and the executive branch, shift power to the judiciary, curtail public and business input, and create great uncertainty, say Alene Taber and Beth Hummer at Hanson Bridgett.
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Tips For Tax Equity-Tax Credit Transfers That Pass IRS Muster
Although the Internal Revenue Service has increased its scrutiny of complex partnership structures, which must demonstrate their economic substance and business purpose, recent cases and IRS guidance together provide a reliable road map for creating legitimate tax equity structures, say Ian Boccaccio and Michael Messina at Ryan Tax.