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U.K. Mandatory Disclosure Regime (DAC6)

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U.K. Mandatory Disclosure Regime (DAC6)

DAC6, adopted by the European Commission and enacted into law in the U.K., imposes a mandatory obligation on intermediaries, or individual or corporate taxpayers, to make disclosures to H.M.R.C. of certain cross-border arrangements and structures that could be used to avoid or evade tax. It also provides for automatic exchanges of information among E.U. Member States. Intermediaries know a cross-border arrangement is reportable when it meets certain hallmarks. In his article, Gary Ashford, a non-lawyer partner of Harbottle & Lewis, London, explains in plain English all the key terms and obligations. The European Commission has proposed that Member States defer the start date for reporting, however, the U.K. Government has not made any public announcement. This article is timely for those who are intermediaries in a reportable transaction.

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The Sharing Economy Part 2: Governments Strike Back

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The Sharing Economy Part 2: Governments Strike Back

The sharing economy uses digital platforms to connect suppliers willing to provide services or use of assets with consumers.  Think of Uber and Airbnb.  These multinationals are structured to channel profits to low-tax jurisdictions.  As with Google and Microsoft, tax authorities have begun to challenge these business models.  In part two of this series, Fanny Karaman and Beate Erwin explain how these business models are being challenged.

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The Sharing Economy Part 1: New Business Models + Traditional Tax Rules Don’t Mix

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The Sharing Economy Part 1: New Business Models + Traditional Tax Rules Don’t Mix

The current international tax system was established on principles dating back to the first half of the 19th century, when a nation’s retail economy consisted mostly of brick-and-mortar stores.  As the purchase of services and goods was gradually dematerialized and internet giants such as Google or Microsoft appeared, governments struggled adapt tax rules to keep up with new business models.  Now, governments around the world have shifted their focus to a relatively new part of the digital economy called the “sharing economy.”  Fanny Karaman and Beate Erwin look at recent tax developments in the world of Airbnb and Uber.

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Trump and the Republican-Led Congress Seek Overhaul of International Tax Rules

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Trump and the Republican-Led Congress Seek Overhaul of International Tax Rules

Elizabeth V. Zanet and Beate Erwin compare the proposals that comprise the Trump tax plan and the House Republican Tax Reform Blueprint, which will be submitted to Congress as part of a massive overhaul of U.S. tax law.  Tax rates for individuals and corporations would likely be lowered, the standard deduction would be increased, and capital gains tax rates would remain at the same level.  The net investment income tax would be repealed.  The estate tax and generation skipping tax would be repealed.  The gift tax would remain.  Other provisions are discussed, also.

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French v. U.S. Share-based Compensation Plans: A Comparative Analysis

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French v. U.S. Share-based Compensation Plans: A Comparative Analysis

Share-based compensation incentives are commonly used by corporations worldwide.  Employees defer income or realize income immediately at a low value, and the employer accepts a deferred or reduced deduction for compensation expense.  Three or four key moments in the life of a stock-based compensation plan can be identified as taxable events: (i) the grant of share-based compensation, (ii) the exercise of an option, (iii) the “vesting” of the underlying shares, and (iv) their subsequent sale.  Fanny Karaman and Stanley C. Ruchelman explore tax treatment in France and the U.S. in the context of a French employee who participates in a French plan and is then assigned to the U.S.

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Corporate Matters: If I Can Make it There, I Can Make It...

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We have recently been receiving instructions from a variety of European clients looking to open either an office or retail location in New York. These clients are looking for advice across a range of topics: from location and leases to signage and insurance. In this month’s “Corporate Matters,” Simon H. Prisk addresses typical start-up legal needs of foreign clients expanding retail business to the U.S.

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“Helen of Troy” Inversions Continue

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volume 2 no 4   /   Read article

By Rusudan Shervashidze and Andrew P. Mitchel

This month, our team delves into the Joint Committee Report addressing international tax reform in a series of articles. The Joint Committee Report discovers that a better tax result is obtained when foreign low-tax profits are removed from the U.S. tax stream, leaving more for shareholders and executives. Is it an inversion or merely self-help? Andrew P. Mitchel and Rusudan Shervashidze explain.  See more →

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Guidance for Canadian Snowbirds→

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Published in The Bottom Line, December 2014.

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Hybrid Entities in Cross Border Transactions: The Canadian Experience, the U.S. Response, & B.E.P.S. - the O.E.C.D. End Game→

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Published by the Practising Law Institute (PLI).

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Hybrid Entities in Cross Border Transactions: The Canadian Experience - The U.S. Response [2008]→

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Published by the Practising Law Institute (PLI) in the Partnership Tax Practice Series: Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances, 2008.

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Cross-Border Canadian-U.S. Planning→

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Published by ALI-ABA in The Practical Tax Lawyer, Volume 19, Issue 2: 2005.

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Economic Substance Around the World→

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Joint Meeting of the American Bar Association – Section of Taxation: May 2004.

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