Federal Budget

News & Analysis as of

Congress Jumps on Bandwagon to Reduce Biologic Drug Exclusivity Term

Ever since the Biologics Price Competition and Innovation Act (BPCIA) was passed along with the rest of the healthcare law commonly called "Obamacare" in 2010, the Obama Administration has included in every budget a proposal...more

UK tax deductibility of corporate interest expense

The 2016 Budget announced, and the UK government is currently consulting on, the biggest change in UK tax this century. Up until 1st April 2017, a tax deduction for interest costs of up to 100% of UK profits is (very broadly)...more

Sell now to avoid paying higher taxes upon disposition of goodwill and other intangibles

The 2016 Federal Budget proposed changes to the Income Tax Act (Canada), expected to come into force effective January 1, 2017, that will alter the manner in which the sale of certain intangible property, such as goodwill, is...more

Judge rules HHS can't pay cost-sharing subsidies to QHPs, but allows funding to continue

More than six years after the Affordable Care Act (ACA) was enacted, legal challenges continue to thread their way through the judicial system. In a May 12, 2016 decision, US District Court Judge Rosemary M. Collyer, an...more

Filling the UK pensions gap - Employers are scrambling to placate top earners with more attractive options for tax relief...

The speculated sweeping pensions tax relief measures in the 2016 budget failed to materialise, much to the relief of nervous benefits managers across the United Kingdom. Although this major overhaul has been averted (or,...more

The death of Australian Unit Trusts Federal Budget announcement of new selection of Collective Investment Vehicles

Does the Federal Budget announcement of a new selection of Collective Investment Vehicles herald the dawn of a new age in investment management in Australia? Is this the beginning of the end for Australian Unit Trusts?...more

Federal Budget Update

The Australian Government continued its attack on Multinational Tax Avoidance with the release of its 2016-2017 Federal Budget. Central to its Budget initiatives is the introduction of a 40% Diverted Profits Tax on large...more

Washington, D.C. Update – April 2016

FY17 Appropriations - The House and Senate Appropriations Committees continue to move forward on individual FY17 spending measures based on discretionary spending levels enshrined in last fall's bipartisan budget deal....more

Singapore budget 2016

The Singapore Budget Statement 2016 (“Budget 2016”), delivered by Finance Minister Heng Swee Keat on 24 March 2016, has been described as balanced and transformative, focusing on both medium to long term restructuring (such...more

Cleantech and Transportation Intersect in the 2017 U.S. Federal Budget Proposal

With the federal budget process for FY2017 and related appropriation discussions expected to heat up over the next couple of months, the previously announced 21st Century Clean Transportation Plan (the “CTP”) continues to be...more

Class Action TCPA Case Dismissed Because Calls Were Made Solely To Collect a Debt Owed To Or Guaranteed By The United States

The Pennsylvania Higher Education Assistance Agency autodialed student debtor, Neil Silver, in January 2014 in an effort to collect on student debt. Silver claimed that these calls were made without his consent, and therefore...more

Washington, D.C. Update – March 2016

With only a handful of items currently active on the House and Senate agendas, FY17 appropriations legislation is the major legislative game in town. The House and Senate Appropriations Committees are moving forward with...more

Climate Change Related Pieces in Federal Budget

Finance Minister Bill Morneau's first federal budget includes many of the environmental initiatives the Liberals raised in their election platform. The federal government's approach is to infuse environmental concepts into a...more

House Budget Committee Clears FY 2017 Budget Resolution with Medicare, Medicaid Cuts

The House Budget Committee has approved the budget resolution providing instructions to Congressional committees on the federal spending framework for FY 2017. The resolution calls for the adoption of major reforms to the...more

Change Orders: Analyzing Proposed New Infrastructure Spending in 2016 Budget

Shortly after the election of Prime Minister Justin Trudeau, we summarized the infrastructure promises made on the Liberal campaign trail in our October 2015 Blakes Bulletin: Under Construction: Infrastructure Plans and...more

2016 Federal Budget – Financial Services Highlights

Finance Minister William Morneau tabled his first budget on March 22, 2016 (Budget). Several proposals in the Budget will be of interest to financial services clients, including proposals for a consumer protection framework...more

Federal Budget 2016 – Pension Issues

PENSION BENEFITS STANDARDS ACT (PBSA) – 30-PER-CENT RULE AND BILATERAL AGREEMENTS - The Budget announces that the federal government will shortly be launching a public consultation on the usefulness of the 30-per-cent...more

2016 Federal Budget – Selected Tax Measures

On March 22, 2016, the Minister of Finance tabled Canada’s 2016 Federal Budget (the 2016 Budget). This was the first budget presented by the newly-elected Liberal government, which won a strong majority in the fall 2015...more

Federal Budget 2016 Extends Mineral Exploration Tax Credit

Canada’s Liberal party released their first Federal Budget on March 22, 2016 since taking office last year. Despite projecting a staggering deficit of approximately $30 billion, the Budget contains welcome news to issuers of...more

UK Budget 2016: Tax implications for the private equity sector

The private equity sector was a net loser from last week’s Budget, with the proposed restrictions on interest deductibility and a lifetime limit on employee shareholder schemes. The extension of entrepreneurs’ relief is...more

Canada Federal Budget 2016

The Government of Canada has released this year’s Federal Budget, and the Tax group at Dentons has prepared a Special Report providing a detailed analysis and concise summary of the changes featured in the Budget. The Report...more

Washington Healthcare Update

This Week: Medicaid program takes financial hits as the House looks for “savers” and acts on a budget... while the Senate sees no reason to do a budget... The Senate focuses on ACA oversight and mental health and opioid abuse...more

UK Financial Regulatory Developments - March 2016 #13

SFO closes forex investigation - SFO has announced the closure of its investigation into allegations of fraudulent conduct in the foreign exchange market. SFO has concluded that despite grounds to suspect offences...more

UK Budget 2016 – Key Tax Measures

The Chancellor of the Exchequer delivered the UK Budget for 2016 on 16 March 2016. The Budget was delivered against the backdrop of international tax developments, relating to the Organisation for Economic Co-operation and...more

Tax Announcements in the UK’s Budget 2016

The UK’s 2016 budget was announced on Wednesday 16 March 2016. Although we are waiting for detailed legislation for most of the tax-related announcements, below is a brief summary of some tax points which have caught our...more

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