The Internal Revenue Service (“IRS”) issued final regulations that will increase reporting requirements for certain foreign owned single member limited liability companies (“LLC”). When a single member LLC is formed, for federal tax purposes, it is a disregarded entity by default. 172 more words
Tags » International Tax
The world is increasingly becoming 1 large country. Borders are shrinking and commerce is growing. However, despite the increasing trend of cross-border business, a significant factor remains that each country and its economy is unique. 2,982 more words
International Court of Justice rejects India's opposition to British arbitrator in Vodafone-India tax case
The International Court of Justice has upheld its appointment of Sir Franklin Berman as the chief arbitrator in the Vodafone-India tax case.
Vodafone and the Indian government are currently embroiled in a tax dispute after the Indian government retroactively slugged Vodafone with an RS 22,100 Crore ($3.2 billion) tax bill in relation to Vodafone’s acquisition of a 67% stake in Hutchison Essar Telecom services in 2007. 225 more words