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Eversheds Sutherland announces NYU School of Law Scholarship Fund

Eversheds Sutherland is pleased to announce that it has established the Eversheds Sutherland Tax Scholarship Fund at New York University’s School of Law. The Fund will be used to provide tuition assistance annually to one LLM student in the law school’s Graduate Tax Program to further inclusivity in the study of tax law.

“We are proud to partner with NYU to promote opportunities for underrepresented groups to join the tax profession,” said Jeffrey A. Friedman, Eversheds Sutherland’s US Tax Practice Group Leader and adjunct professor at NYU’s School of Law. “The Eversheds Sutherland Tax Scholarship Fund is an important part of our broader effort to recruit talented lawyers to join the tax community.”

“We are so pleased to be working with NYU Law’s Graduate Tax Program to make this scholarship available to students,” says Vanessa A. Scott, Chief Diversity Officer and Tax Partner at Eversheds Sutherland. “We are committed to promoting diversity both within our firm and within the broader tax community.”

Eversheds Sutherland serves as tax counsel to many of the world’s most prominent corporations—including more than 35 of the Fortune 100—in every area of federal, international, state and local tax law. More than 100 tax attorneys represent taxpayers in federal, international, employee benefits, insurance, tax exempt, and state and local tax matters. Eversheds Sutherland handles intricate federal, international, and state and local tax matters, providing custom solutions to address our clients’ tax needs.

PUGNATORIUS Ltd. expresses concerns regarding TIWB

Thailand’s recent participation in the “Tax Inspectors Without Borders” assistance program endangers not so much legally but factually the long-term cherished cross-border tax structures among the land of smiles. It demands sooner or later increased requirements for local tax advice and international tax planning.

TIWB allows the OECD, which is behind this raid against international tax competition, to familiarise the Thai tax authorities with OECD tax policy and viewpoints by sending their expert auditors to a tax-legally underdeveloped country, as Thailand is considered not entirely unjustified.

In the past, Thailand has been deliberately reluctant to interpret and reclassify cross-border transactions and to reinterpret double taxation agreements and tax information exchange agreements. This was done with good reason, only ostensibly inefficient, and Thailand participated in this tax-friendly treatment in several ways and at several levels.

The formal reason for Thailand’s Revenue Department to sign up for the training course for a world of “taxation without borders” is the desire to tax cross-border e-commerce and streaming services. However, this is not a limitation but only a starting point for the new right way of taxation with the friendly and targeted support by the OECD.

To address the tax challenges of the digital economy is just the first step on the 15-points-action BEPS list of the OECD. The base erosion and profit shifting initiative is e.g. also directed towards the topics of CFC controlled foreign companies, transfer pricing, abuse of tax treaties, and aggressive tax planning arrangements.

The tax counsellor PUGNATORIUS Ltd. analyses and monitors further developments and will provide practicable solutions for the more stringent requirements of future Thai tax planning. The announcements of the Thai Revenue Department are from June 2020. The Bangkok law firm sees a pressing need for action in this area for a variety of Thai tax issues.

Baker McKenzie announces 84 partnership promotions

Leading global law firm Baker McKenzie is pleased to announce that 84 of our colleagues have been promoted to partner. Promotions take effect from 1 July.

Across the law firm’s practice groups globally, Tax and Dispute Resolutions saw the largest intake of new partners, with M&A also significantly adding to their numbers.

During Financial Year 2020 Baker McKenzie also added 68 lateral partner hires, demonstrating the Firm’s continued commitment to investing in top talent across the globe. Combining this year’s promotions and new lateral talent, the law firm added 152 partners to its ranks.

Milton Cheng, Global Chair of Baker McKenzie, said: “Congratulations to all of our new partners. Welcoming 152 new partners, both home-grown and lateral, over the last 12 months is a clear sign of the importance we place in the long-term growth strategy of the law firm. I wish them all the best in their future career with Baker McKenzie.”

Tax period extended for excise tax registrants

In an effort to support Excise Tax Registrants during the difficult circumstances caused by COVID-19, the Federal Tax Authority has decided to extend the tax period for businesses registered for Excise Tax, which commenced on 1/3/2020 for one month on an exceptional basis, to end on 30/4/2020. The tax period shall now respectively cover the months of March 2020 and April 2020, allowing registered businesses sufficient time to fulfil their tax obligations before the deadline.

Excise Tax Registrants must fulfil the following obligations:

  • file two separate tax returns, one for March 2020 and one for April 2020, by no later than Sunday, May 17, 2020; and
  • ensure that the Federal Tax Authority has received the tax payable for the tax periods as reported in the March 2020 and April 2020 tax returns by no later than Sunday, May 17, 2020.

Our expert tax lawyers are available to assist with this and all your tax needs during these difficult times.

Lower Taxes Without Renouncing Your American Citizenship

Being born in the United States comes with many privileges. But it also comes with many responsibilities. According to Fortunly’s insightful infographic, the United States is one of two countries in the world that implement citizenship-based taxation. The only other one is the northeast African nation of Eritrea.

Interestingly enough, America’s citizenship-based tax system doesn’t only affect its natural-born citizens. Foreigners may also be held liable for income tax if they meet the country’s residency requirements. Spending too much vacation time is a common reason why non-Americans might need to hand over some cash to Uncle Sam.

But, there are legal ways to beat America’s citizenship-based income taxation system.

The most obvious way is to renounce your US citizenship. But this is a major decision that could lead to dramatic consequences. An alternative to such a drastic measure is filing for tax exemptions. The Foreign Earned Income Exclusion (FEIE) is a viable option for American professionals who intend to make a living outside of any US territory.

With the FEIE, a portion of a citizen’s total active income can be excluded up to a certain limit, which changes every year. To increase the excludable amount, a foreign housing credit can be added into the equation.

When it comes to income from passive activities like stock trading, the United States considers them taxable as usual. However, there are ways to classify passive incomes as active in order to render them partly excludable.

In addition, using an offshore company to run a business may provide an income-tax reduction. This move can legally separate an American-citizen owner and a business entity for tax purposes.

Pursuing every allowable avenue to minimize citizenship-based income tax liabilities is more practical than unpatriotic.

BDO PHOTO

BDO expands product development Advisory Services in Life Sciences

BDO USA, LLP, one of the nation’s leading professional services organisations, today announced the acquisition of BioProcess Technology Consultants, Inc. (BPTC), a provider of chemistry, manufacturing and controls (CMC) consulting services to the global biopharmaceutical industry. The acquisition of BPTC bolsters BDO’s capabilities in the life sciences industry within the biopharmaceutical product development space and is effective as of April 1, 2019.

“We are pleased to welcome BPTC’s knowledge and resources to enhance our focus in the life sciences industry and deepen our biopharmaceutical product development offerings,” said Eric Jia-Sobota, national leader of BDO’s Industry Specialty Services and Life Sciences practices. “Joining forces with BPTC strengthens our ability to assist life sciences companies in managing risk, maximising profitability and fostering continued innovation to unlock new value and deliver improved outcomes.”

Founded in 1994, BPTC was a biologics CMC consulting firm, providing a full range of technical, regulatory and strategic assistance related to the development and commercialisation of biopharmaceutical products. BPTC assisted clients in developing manufacturing processes and strategies that enhanced the overall value of their products, while de-risking product development.

Howard L. Levine, Ph.D., BPTC founder, president and CEO will become managing director and national leader of the Bioprocess Technology Group within BDO’s Life Sciences practice.

“Since our inception, we’ve worked with companies to advance and de-risk the biotherapeutic development process, address unmet medical needs and increase patient access to novel medicines,” said Levine. “We’re excited to join BDO’s Life Sciences practice to support clients across the entire product development and company lifecycles.”

The professionals of BPTC who have joined BDO’s Life Sciences practice are headquartered in BDO’s Boston office at One International Place and based in locations throughout the country.

BDO Facts:

  • Over the past six years, BDO USA’s cumulative growth rate has far outpaced all other major U.S. accounting firms, with revenues more than doubling from $618 million in 2012 to $1.47 billion in 2018. During that time, BDO entered 24 new U.S. cities and expanded its critical mass in 13 existing markets.
  • BDO represents companies ranging from closely-held private businesses to leading non-profits to Fortune 500 multinationals.
  • BDO USA has industry practices specialised in serving businesses in the construction, energy, financial institutions, asset management, government contracting, healthcare, insurance, life sciences, manufacturing, non-profit, private equity, real estate, restaurant, retail and technology sectors.
  • BDO has been named a Best Company by Working Mother Magazine for eight consecutive years and been recognised with the When Work Works Award for Business Excellence in Workplace Flexibility for nine consecutive years.
  • BDO has more than 60 offices and over 650 independent alliance firm locations around the country.
  • BDO USA has been serving clients for more than 100 years since its founding in 1910 (as Seidman & Seidman).
  • As an independent member of BDO International Limited, the firm can leverage the resources of more than 80,000 people in 1,591 offices across 162 countries.

Firm Overview

BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 60 offices and over 650 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 80,000 people working out of 1,591 offices across 162 countries.

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit https://www.bdo.com/