International

  • 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

    Stalled Pillar 1 Raises Specter Of EU Digital Tax

    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.

  • 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.

  • February 27, 2024

    5 Arrested In Suspected €220M Alcohol VAT Fraud

    Five people were arrested for their roles in a value-added tax fraud scheme involving the export of alcohol to several European Union member countries that resulted in €220 million ($238.8 million) in tax evasion and illicit profits, the European Public Prosecutor's Office said Tuesday.

  • February 27, 2024

    IRS Nixes Digital Filing Of Form For Foreigners For 2 Years

    Certain withholding agents will not be required to electronically file a form relating to U.S.-based income of foreigners in 2024 and 2025, the Internal Revenue Service announced Tuesday.

  • February 27, 2024

    Grim UK Fiscal Outlook Precludes Tax Cuts, Think Tank Warns

    The U.K. government should focus on reducing the national debt rather than tax cuts in the March 6 Budget statement, according to research published Tuesday by the Institute for Fiscal Studies, an influential think tank.

  • February 26, 2024

    Ala. Tax Tribunal Says Co. May Deduct Foreign Payments

    A global food-packaging manufacturer that made $76.6 million in interest payments to an American parent, which then in turn made payments to foreign affiliates, is eligible for deductions in Alabama for those payments, the state tax tribunal ruled Monday.

  • February 26, 2024

    Wealth Taxes Bring In Small Part Of G20 Revenue, Oxfam Says

    Roughly 8% of tax revenue collected by Group of 20 countries is raised from wealth taxes on average, compared with over 32% from taxes on goods and services, anti-poverty group Oxfam said Monday ahead of a G20 meeting in Brazil.

  • February 26, 2024

    NZ Opts Out Of OECD's Amount B Transfer Pricing Rules

    New Zealand is opting out of implementing the Organization for Economic Cooperation and Development's Amount B of Pillar One, a set of new streamlined transfer pricing rules, choosing to stick with its own standards instead.

  • February 26, 2024

    More Analysis Needed In Lithium Pricing Guide, Groups Say

    Functional analysis of multinational corporate groups should be included in a list of factors that could highly influence market prices within a transfer pricing framework for lithium, industry groups and accountants told the OECD in letters published Monday.

  • February 26, 2024

    Greece Seeks Input On Minimum Tax As Deadline Approaches

    Greece, one of the handful of European Union members that have yet to transpose the bloc's directive to implement the Organization for Economic Cooperation and Development's global minimum tax plan, is seeking public input on draft legislation to do so.

  • February 23, 2024

    VAT Refunds For Tax Errors Don't Require Interest, ECJ Rules

    European Union law does not require interest to be paid on value-added tax reimbursements if they are being made as a result of administrative errors or changes in tax calculations, the European Court of Justice determined.

  • February 23, 2024

    EU Prosecutors Request Extra €7.8M As Jurisdiction Grows

    The European Public Prosecutor's Office requested that the European Union grant it an extra €7.8 million ($8.4 million) for its 2024 budget with the coming expansion of its jurisdiction to Poland and potentially Sweden this year, the office said Friday.

  • February 23, 2024

    Bahamas Plans To Introduce Domestic Top-Up Tax By May

    The Bahamian government plans to introduce a proposal implementing one of the OECD's corporate global minimum tax mechanisms by May, which could generate more than $140 million a year in new revenue, the country's prime minister said.

  • February 23, 2024

    Pillar 1 Ratification Will Be Difficult, EU Official Says

    A top European Commission official said he expects participating jurisdictions to sign a convention to implement the OECD's Pillar One plan for reallocating taxing rights in June as planned, but he admitted that subsequent ratification of the treaty will be difficult.

  • February 23, 2024

    Taxation With Representation: Gibson Dunn, Wachtell

    In this week's Taxation with Representation, two asset managers invest in AITi Global, Chord Energy Corp. buys Enerplus Corp. and Truist sells an insurance subsidiary to an investor group led by private equity firms.

  • February 22, 2024

    Spain Allowed To Reclaim Illegal Aid Given To Ship Buyers

    Spain can reclaim the financial benefits given to beneficiaries of a tax scheme that gave illegal state aid to purchasers of ships built in Spanish shipyards, the European Union's General Court has ruled.

  • February 22, 2024

    Pillar 2 Could Clash With US Double-Dipping Loss Rules

    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.

  • February 22, 2024

    Frankfurt Wins Bid For EU's New AML Center

    The European Union's new authority to fight money laundering and terrorist financing will be in Frankfurt, Germany, the European Commission announced Thursday.

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

  • 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.

  • 6 Practice Pointers For Pro Bono Immigration Practice

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    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.

  • Lessons From Country Singer's Personal Service Saga

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    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.