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Tax Law

EU Finance Ministers Agree on Reduced VAT to Support Climate Goals

On 7 December 2021, the Council of the European Union reached a political agreement supporting the adoption of a directive designed to modernize and harmonize rules for the application of reduced value-added tax (VAT) rates. The amendment to the VAT Directive aims to support a broad range of climate-change and environmental goals outlined in the

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US Employees’ Sick and Family Leave Wages are to be reported on W-2s

On July 8, 2020, the Internal Revenue Service (IRS) issued Notice 2020-54, which provides guidance to employers on reporting qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA). Enacted this past March 2020, the FFCRA generally requires employers with fewer than 500 employees to provide paid leave due

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Australian Expats Have Until 30 June 2020 to Sell Main Residence

Changes to legislation in Australia will result in expats disposing of their main residences or returning to Australia to resume residency for tax purposes. Legislation assented to on 12 December 2019 has radically amended the availability of the main residence exemption on capital gains tax (CGT) to foreign residents for tax purposes (expats). Under the

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Tokyo High Court Delivers Key Ruling on Foreign-Subsidiary Funds Transfers

The Tokyo High Court recently revoked the original administrative disposition of the National Tax Agency (hereinafter, the Tax Agency) regarding the tax treatment by Kokusai Kogyo Kanri Co., Ltd., a Japanese company (formerly Kokusai Kogyo Co., Ltd.; hereinafter, Kokusai Kogyo), of funds received from its U.S. subsidiary. With respect to the funds of $644,000,000 (JPY

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Australia’s Proposed 2018 Budget Includes New Measures Targeting Directors’ Liabilities and ‘Phoenix’ Activity

On 8 May 2018, Scott Morrison, Treasurer of Australia, delivered the 2018 budget. In addition to a number of tax cuts and related proposals, the budget includes new measures to increase director liabilities and compliance, specifically targeting illegal company ‘phoenix activity’. The Treasurer has committed $40 million over four years to tackle illegal phoenix activity

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“Doing Business And Investing In Australia” Guide Now Available

Russell Kennedy Lawyers, the Ally Law member firm located in Melbourne and Canberra, Australia, has published its Doing Business and Investing in Australia Guide providing a general overview of the key legal issues of which foreign organizations should be aware when seeking to do business in or invest in Australia. Topics covered include an overview on

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Canada Proposes Sweeping Tax Changes To Private Corporations

This month the Canadian Department of Finance released legislative proposals (Proposals) relating to tax planning using private corporations which will have far-reaching impact. In general, the Proposals will will eliminate most common income splitting strategies used by small businesses. If enacted, the new tax structure will apply in 2018. Under the current rules, certain adults

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New Guidance From Australia On Cross Border Finance Arrangements

This spring a high level federal court of Australia issued its decision in what has been described as the most significant tax case ever litigated in Australia: Chevron Australia Holdings Pty Ltd v Commissioner of Taxation. The court found that the 9% interest rate charged on a $2.5 billion loan by a U.S. Chevron subsidiary

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Stringent New Counterfeit Laws In Poland

On March 1, 2017 an amendment to the Polish Criminal Code comes into effect adding new categories of crimes including issuing, counterfeiting and remaking fictitious invoices purporting to be genuine. In an official statement, the Office of the President said that the purpose of the new legislation is to combat the practice of extortion of VAT

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