Members of Ruchelman P.L.L.C. contribute to publications throughout the world and the Firm’s monthly tax journal, Insights.
The Swiss forfait tax regime is discussed by Michael Fischer of Froriep in Zurich. The forfait is battle-tested and has beaten back a referendum in 2014 that would have repealed the benefit. Beware – the forfait is not available in all cantons and the minimum tax rate varies widely. In comparison to the U.K. and Ireland, remittances from abroad are not penalized with tax.
Read MoreThe benefits and possible pitfall of Ireland’s non-domiciled taxation rules are explained by Lisa Cantillon and Jane Florides of Kennelly Tax Advisers in Dublin. Remittance based taxation remains strong in Ireland, but planning is required to steer clear of deemed remittance traps and to minimize inheritance tax exposure.
Read MoreWith the 15-year limit enacted to remittance based tax rules for non-domiciled individuals resident in the U.K., we offer a series of articles this month addressing favorable tax rules for non-domiciled resident individuals in several countries. Gary Ashford of Harbottle and Lewis L.L.P. in London is the lead-off author, explaining the U.K. tax and immigration rules and suggesting strategies for the long-term non-domiciled resident who faces the 15-year ceiling. The ceiling becomes effective in 2017.
Read MorePublished in Taxes & Wealth Management by Thomson Reuters, Issue 8-4: November 2015.
Read MoreDespite efforts to repeal F.A.T.C.A. in the U.S. and opposition from abroad, it appears that F.A.T.C.A. is here to stay. Galia Antebi and Philip R. Hirschfeld address the recent September 30 milestone and the advent of exchanges of financial account information with tax administrations of I.G.A. partner jurisdictions.
Read MoreFollowing months of debate, the Indian Finance Ministry recently clarified that the Minimum Alternate Tax (M.A.T.) will not apply to foreign companies that do not have a permanent establishment and/or place of business in India. Shibani Bakshi and Sheryl Shah discuss why the announcement is an affirmation of India’s positive attitude towards foreign investment. The next move is up to the Indian Revenue.
Read MoreThe question of the proper treatment of a contract transferring exclusive rights to the use of a patent – as a sale or a license – is one that has been addressed many times in U.S. jurisprudence. It has recently popped up again in a case before the U.S. Tax Court involving the generic pharmaceutical giant Mylan Inc., a company that has been the subject of much negative publicity arising from its inversion and subsequent re-immersion as a U.S. domestic company. In September, the I.R.S. filed a memorandum in support of a motion for summary judgment. We explain the basis for the I.R.S. position and comment on its merits.
Read MoreFor many tax advisers, it is fashionable to complain about the O.E.C.D.’s B.E.P.S. project because it imposes an unrealistic standard of behavior on multinational groups. Then, along comes a case such as Russian Recovery Fund, Ltd. v. U.S. and one understands the problem of real base erosion. The case involved a distressed asset/debt (D.A.D.) transaction. Here, hubris and greed in the financial services sector team up to make the O.E.C.D. look good.
Read MoreThe phrases “green card” and “U.S. citizen” have the ability to strike panic and even terror in tax advisors around the world. What inspires this fear? What tax challenges do foreign individuals face when they are present in the U.S. on a temporary, non-immigrant basis?
Read MoreIn late September, the Obama Administration released the tax revisions that are part of its Fiscal Year 2016 Budget Proposal (the Proposal). These changes are designed to provide deficit reduction measures through additional revenue increases and spending cuts. We explain the new twists to seasoned proposals. If enacted, the changes described in the Proposal could influence global patterns of investment and employment by U.S. multinationals.
Read MoreH.T.V.I. has been singled out as being one of the leading causes of base erosion and profit shifting (“B.E.P.S.”). Michael Peggs, co-head of the transfer pricing practice of Ruchelman P.L.L.C., makes a valiant attempt at explaining a method to value intangible property that is “hard to value” while being compliant with the B.E.P.S. Action Plan. He suggests a combination of common sense and reliable data.
Read MorePublished in Journal of Taxation and Regulation of Financial Institutions, Volume 27, Number 5: May/June 2014. © Civic Research Institute. Authorized Reprint.
Read MorePublished in Journal of Taxation and Regulation of Financial Institutions, Volume 28, Number 4: March/April 2015. © Civic Research Institute. Authorized Reprint.
Read MorePublished in Journal of Taxation of Investments, Volume 32, Number 3: Spring 2015. © Civic Research Institute. Authorized Reprint.
Read MorePublished in International Taxation, Volume 13, Issue 3: September 2015.
Read MoreThis month, Philip R. Hirschfeld and Galia Antebi report on Republican-led efforts to curtail F.A.T.C.A., new F.A.Q.’s released by the U.S. and Mauritius, publication of the St. Kitts and Nevis I.G.A., updated foreign account reporting procedures, and much more.
Read MoreClients with entities formed in a state other than New York often ask if they should seek authority to transact business in New York. Typically, the client is concerned that operations in New York exist and a fear that often inhibits a company from pursuing registration is the expectation that registration brings with it New York State and New York City tax obligations. Simon H. Prisk reflects: The answer to these questions is not as clear cut as one might think.
Read MoreWe analyze a recent U.S. Court of Appeals case, Albemarle Corp. v. United States, that affirmed certain refund claims were barred by the statute of limitations. The case involved withholding taxes on payments of interest to Albemarle Corp. from its Belgian subsidiary during the years 1997 to 2001. The court held that the taxpayer’s claims for refunds, attributable to foreign tax credits, were time-barred in certain years.
Read MoreWhat constitutes adequate disclosure? This topic continues to be a source of dispute between taxpayers and the I.R.S. Sheryl Shah and Nina Krauthamer discuss the statute of limitations consequences when a taxable gift that is not “adequately shown.”
Read MoreNewly issued temporary regulations (T.D. 9733) modify three of the six ways that rental or royalty income can qualify for the active exception to foreign personal holding company income (F.P.H.C.I.) under Subpart F. The new Treas. Reg. §1.954-2T addresses who can perform the required functions when a controlled foreign corporation (C.F.C.) leases or licenses property to an unrelated person, as well as the treatment of cost sharing arrangements.
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