Bank Taxes

News & Analysis as of

Pennsylvania Department Of Revenue Issues Notice On New Receipts Factor Apportionment Rules For Bank Shares Tax

Immediate Action Required by May 14, 2014 for Any Bank ‘Doing Business’ in Pennsylvania - On April 14, 2014 the Pennsylvania Department of Revenue issued Notice 2014-1 (the Notice). ...more

Variations for Bank Shares Tax Valuations Tolerable

A plurality of the full Pennsylvania Supreme Court held that the disparity in valuations that results from the application of the statutory averaging formula for valuations and a combination provision are not...more

Taxpayer Wins New York Bank Tax Case: Division of Tax Appeals Determines that Department Violated its Own Published Guidance

In a recent decision, the New York State Division of Tax Appeals soundly rejected a determination by the New York State Department of Taxation and Finance (the "Department") that it could treat a banking corporation’s...more

"UK Government to Strengthen Code of Practice on Taxation for Banks"

On October 11, 2013, the U.K. Government announced three key changes to the Code of Practice on Taxation for Banks (the Code): - A bank that breaches the Code could be publicly named. However, before concluding whether...more

Pennsylvania To Expand Application of Bank Shares Tax to Out-of-State Banks

Pennsylvania Act 52 (Act 52), signed into law on July 9, 2013, expands the reach of the Pennsylvania bank shares tax and allows the Commonwealth to impose the bank shares tax on a bank with no offices or branches in...more

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