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International Trade Tax

Read need-to-know updates, commentary, and analysis on International Trade issues written by leading professionals.

IRS to end Offshore Voluntary Disclosure Program in September

by Dentons on

The IRS has announced that it will begin winding down its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. Under the OVDP, a taxpayer with undisclosed foreign assets or income could come forward to pay tax,...more

IRS to End Offshore Voluntary Disclosure Program in September 2018

The Offshore Voluntary Disclosure Program ("OVDP") is a tax amnesty program permitting U.S. taxpayers with unreported foreign accounts and other assets to make a voluntary disclosure to the Internal Revenue Service ("IRS") of...more

No News is Not Always Good News: IRS's Offshore Voluntary Disclosure Program is Ending

by Baker Donelson on

The IRS has just announced that its longstanding Offshore Voluntary Disclosure Program (OVDP) will end as of September 28, 2018. While many U.S. citizens and green card holders living abroad and in the United States have...more

IRS Releases Draft FATCA Compliance Certification Forms, Indicates July 1 Deadline May Be Extended By 90 Days

by Fox Rothschild LLP on

The Foreign Account Tax Compliance Act (FATCA) requires a foreign financial institution to appoint a “Responsible Officer” who is obligated to submit periodic compliance certifications to the Internal Revenue Service...more

IRS To Close Offshore Voluntary Disclosure Program This September

by Cole Schotz on

On March 13, 2018, the IRS announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018. This program has been in place since 2009. In general, US persons, that is, citizens and...more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Colombia

1 .What role does the government of Colombia play in approving and regulating foreign direct investment? Foreign direct investment (FDI) in Colombia is subject to registration with the Colombian Central Bank (Banco de la...more

Presidential Proclamations Impose Tariffs on Aluminum and Steel Imports

by Jones Day on

On March 8, 2018, President Trump signed proclamations imposing tariffs on aluminum and steel imports. The tariffs are being imposed pursuant to Section 232 of the Trade Expansion Act of 1962 following reports from the...more

IRS Announces End of Offshore Voluntary Disclosure Program

by Jones Day on

On March 13, 2018, the Internal Revenue Service ("IRS") announced that the Offshore Voluntary Disclosure Program ("OVDP") will end on September 28, 2018. The program has allowed taxpayers to avoid criminal prosecution by...more

The UK releases new guidance on Mutual Agreement Procedures

by DLA Piper on

Her Majesty's Revenue and Customs (HMRC), the UK tax authority, has published revised guidance on the Mutual Agreement Procedure (MAP) in its International Manual (INTM) (at INTM 423000 – INTM423130)....more

Trump Administration Signals Exemptions To Steel Tariffs Are A Long Shot

by Seyfarth Shaw LLP on

Builders and manufacturers who rely on imported steel as a major input may want to rethink their procurement strategy in light of an executive domestic preference decree issued last week. Under President Trump’s Proclamation...more

IRS to Terminate Offshore Voluntary Disclosure Program

by McGuireWoods LLP on

On March 13, 2018, the Internal Revenue Service announced that the 2014 Offshore Voluntary Disclosure Program (OVDP) will terminate on Sept. 28, 2018. This has important implications for U.S. taxpayers that have willfully...more

5 Steps to Obtaining an Exemption under President Trump’s Steel and Aluminum Tariffs

If your company is a U.S. consumer of imported steel or aluminum, the new tariffs announced by President Trump on March 8, 2018 are bad news. The good news is that you can petition the government for exclusions of certain...more

US Tax Reform Implications from a Chinese Perspective

by McDermott Will & Emery on

The recent US tax reform act carries potential ramifications for bilateral investment between the United States and China. We take a closer look at how tax reform might affect US multinationals operating in China, Chinese...more

IRS is Ending the Offshore Voluntary Disclosure Program

Since 2009, the IRS has had various programs for taxpayers that failed to report offshore financial accounts and other assets, including interests in foreign trusts and foreign corporations The current program began in 2014,...more

Proposed Steel and Aluminum Tariffs Poised to Have Big Impact

by Burr & Forman on

President Trump recently announced his intent to make good on his campaign promise to impose new, significant tariffs on many imports of steel and aluminum products to the United States. The announcement followed a Department...more

[Webinar] New China tax regime applicable to foreign university programs in China - March 27th, 1:00pm ET

by Hogan Lovells on

Last month, Chinese tax authorities issued a groundbreaking tax notice (Bulletin 11). As a result, foreign universities operating in China will be subject to a new tax regime effective 1 April 2018, including more than 1,000...more

New Tax Law May Result in Additional Taxes for Certain US Persons who Directly or Indirectly Own Equity in a Foreign Corporation

by White & Case LLP on

The new federal tax rules (informally known as the Tax Cuts and Jobs Act ("TCJA")), signed into law on December 22, 2017, significantly expand the situations in which a foreign corporation will be treated as a "controlled...more

President Trump Announces Steel And Aluminum Tariffs With Exemptions For Canada And Mexico

by Dickinson Wright on

President Donald Trump surprised even his own senior staff on March 1 when he announced his intention to impose global tariffs of 25% on steel and 10% on aluminum....more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Chile

1 .What role does the government of Chile play in approving and regulating foreign direct investment? No governmental prior approval is needed in Chile to initiate or continue an investment from abroad. Foreign...more

President Trump Issues Proclamation Imposing Tariffs on Steel and Aluminum Imports

by WilmerHale on

Yesterday President Trump signed two Proclamations that impose 25 and 10 percent tariffs on imports of certain steel and aluminum products, respectively, other than those imported from Canada and Mexico. The imposition of...more

President Announces Tariffs On Steel And Aluminum Products

President Trump has issued a proclamation providing for additional 25 percent tariffs on imports of certain steel products and 10 percent tariffs on imports of certain aluminum products. The Administration's position is that...more

President Trump Signs Section 232 Proclamations On Steel And Aluminum Imports - Tariffs On Steel (25 Percent) And Aluminum (10...

by King & Spalding on

President Trump exercised “his authority to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports” during an Oval Office ceremony today. The tariffs are scheduled to take effect in 15 days....more

Italy, Draft Regulation On Transfer Pricing And Corresponding Adjustments

by DLA Piper on

In April 2017, the Italian government issued a Decree with the aim, among the other, to: (1) amend the Italian transfer pricing legislation, in order to better align it with OECD’s arm’s length principle; and (2) provide the...more

Saudi Arabia VAT Guide

by DLA Piper on

The Kingdom of Saudi Arabia (the "KSA") has introduced Value Added Tax (VAT) with effect from 1 January 2018, in accordance with the framework agreement among Gulf Cooperation Council (the "GCC") Member States, known as the...more

Brussels Regulatory Brief: March 2018

by K&L Gates LLP on

Antitrust and Competition - Another transaction in the technology sector referred to the European Commission for its review - The European Commission (“Commission”) is yet again set to review a transaction in the technology...more

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