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Limitation of Corporate Loss Carryforward Affecting Only Particular Share Transfers Declared Unconstitutional

by White & Case LLP on

The Federal Constitutional Court of Germany held that the forfeiture of tax loss carryforwards under Sec. 8c para. 1 sent. 1 CITA is inconsistent with the principle of equal treatment pursuant to German Constitutional Law....more

The introduction of GST to India - What businesses should look out for in 2017

by Dentons on

The Constitution Amendment Bill for Goods and Services Tax (GST) has been approved by The President of India and the GST council have decided to enforce GST from 1st July 2017....more

"Double Trouble": The Kenyan Constitution and DTAs

by Dentons on

Controversy stalks international corporate taxation. With the integration of national economies and the promotion of Foreign Development Investments (FDIs), international corporations’ presence in multiple jurisdictions with...more

New important laws and proposed amendments to the Constitution of Azerbaijan

by Dentons on

The Azerbaijani Parliament has recently adopted several new important laws and proposed amendments to the Constitution of Azerbaijan. Below we summarize the Law of the Republic of Azerbaijan “On Antidumping and Countervailing...more

The Administrative Procedure Act - Challenging FBAR Penalties

by Moskowitz LLP on

Over the past 10 years, thousands of U.S. taxpayers with a wide variety of circumstances have been forced to pay extraordinarily high penalties for failure to disclose foreign bank accounts. For years, tax experts said that...more

Washington ALJ Upholds B&O Assessment on German Company’s Royalty Income

by McDermott Will & Emery on

On May 31, 2016, the Washington Department of Revenue (DOR) Appeals Division released a Determination (No. 15-0251, 35 WTD 230) denying a German pharmaceutical company’s business and occupation tax (B&O) protest. The...more

Florida Supreme Court: Origin Sourcing for Sales Tax is Constitutional

by Reed Smith on

The Florida Supreme Court upheld the imposition of a sales tax obligation on an in-state florist for all of its worldwide sales regardless of delivery destination. This “origin sourcing” method of determining transactions...more

French 3% contribution tax on distributions: Claim opportunities for French subsidiaries of MNEs following new developments...

by DLA Piper on

On April 6, 2016 the First Instance Court of Montreuil filed a request with the French Constitutional Court in relation to potential breaches of the French Constitution (more precisely the Declaration of Human Rights dated...more

IRS and DOJ Use a New Method to Defeat Taxpayers’ Fifth Amendment Argument Against Turning Over Foreign Account Records

by BakerHostetler on

At virtually every turn, courts have ruled against taxpayers who have asserted their Fifth Amendment privilege against self-incrimination to avoid turning over foreign account records to the government, citing the “Required...more

Lawsuit by U.S. Presidential Candidate Challenges the Constitutionality of FATCA

by Hodgson Russ LLP on

Senator Rand Paul, R-Ky., along with six current and former U.S. citizens living abroad, filed a lawsuit, July 14, in the U.S. District Court for the Southern District of Ohio challenging the constitutionality of the Foreign...more

FBAR Case Rules on Unknown Issues

by Charles (Chuck) Rubin on

A recent FBAR decision weighs in on some unknown and uncertain penalty issues relating to failure to file FBARs. These issues include...more

Religious Institution - January 2015

by Holland & Knight LLP on

Experience over the last couple decades teaches that religious institutions face as much or perhaps more liability than secular organizations and, therefore, need to take risk management seriously. From operating their own...more

FATCA: Trapped by the Land of the Free?

by Ifrah PLLC on

The Foreign Account Tax Compliance Act (FATCA) has been billed as the U.S.’s bold effort to go after tax dodgers and cheats. The picture painted is that of greedy rich people secreting their fortunes in offshore accounts and...more

Indiana Supreme Court Refuses To Apply A Company’s Foreign Source Dividend Deduction To Its NOL Calculations

by Faegre Baker Daniels on

On August 25, 2014, the Indiana Supreme Court issued its decision in Indiana Department of State Revenue v. Caterpillar, Inc., holding that the plain meaning of the Indiana tax statutes prohibited the company from increasing...more

French 3 Per Cent Tax on Distributions: French Subsidiaries of Foreign Companies Should Consider Claiming a Refund

by McDermott Will & Emery on

Scope of The 3 Per Cent Tax - The 3 per cent tax is levied on dividend distributions and/or deemed dividend distributions by French companies, French permanent establishments and other French entities that are liable...more

Will the Zwerner FBAR Fine Pass Constitutional Muster?

by Blank Rome LLP on

Last week, a federal jury in Miami found that Carl Zwerner had willfully failed to disclose his foreign bank account to the Treasury Department for calendar years 2004, 2005 and 2006. Zwerner now potentially owes the United...more

FBAR Penalty to Face Excessive Fines Clause Test

by Blank Rome LLP on

Last week, a federal jury in Miami found that Carl Zwerner had willfully failed to disclose his foreign bank account to the Treasury Department for calendar years 2004, 2005 and 2006. Zwerner now potentially owes the United...more

State + Local Tax Insights -- Spring 2014

by Morrison & Foerster LLP on

In This Issue: - Where’s Walden? Finding Protection under the Due Process Clause - Upcoming Speaking Engagements - CFCs and Subpart F Income in a California Water’s-Edge Election and What’s Wrong with the Apple...more

Fourth Circuit Court of Appeals Holds that Required Records Exception Trumps Fifth Amendment

by Williams Mullen on

On December 13, 2013, the Fourth Circuit Court of Appeals in United States v. Under Seal, 2013 U.S. App. LEXIS 24785 (4th Cir. Va. Dec. 13, 2013), held that the required records doctrine applies when the government subpoenas...more

Offshore Accounts Holders Have No Fifth Amendment Protections

by Sanford Millar on

In what is becoming an increasingly used attack vehicle, the Department of Justice (DoJ) is using the “required records doctrine” to compel taxpayer’s to produce what may be incriminating evidence of ownership or control of...more

IRS Seeking 50% x 4 Penalties In FBAR Nonreporting Case

by Charles (Chuck) Rubin on

Taxpayers are required to disclose their ownership interests in foreign bank and financial accounts by filing a Form TD F 90-22.1, ...more

Should Married Nonresident Aliens Elect Joint Return Status?

by Sanford Millar on

The recent decisions of the US Supreme Court, (in the Defense of Marriage Act and Proposition 8 cases) to strike down anti-gay marriage legislation may very well produce an increase in immigrant marriages. The actual number...more

Landmark US Supreme Court Decision May Extend US Tax Benefits to UK Civil Partners

by Butler Snow LLP on

On Wednesday, 26 June 2013, the US Supreme Court ruled that Section 3 of the Defense of Marriage Act (“DOMA”), which limits the definition of “marriage” to “a legal union between one man and one woman as husband and wife” and...more

Supreme Court Settles Fifth Amendment Required Records Issue in Context of Offshore Bank Accounts

by BakerHostetler on

On May 13, 2013, the Supreme Court denied a taxpayer’s petition for certiorari regarding the Seventh Circuit’s August 27, 2012, decision applying the Required Records Exception to override the taxpayer’s Fifth Amendment...more

World Trade Organization Rules Against Ontario’s “Buy Local” Program

by Varnum LLP on

The Province of Ontario has imposed a requirement that in order to participate in its feed in tariff program (FIT) for solar energy a project much source at least 60% of the solar project content from within the Province....more

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