Avocado Roundup is a quick review of top tax, legal, and climate news stories. It’s written by humans.
- Brazil brought a trade dispute with the European Union over the EU’s so-called carbon border adjustment mechanism to COP28 climate negotiations in Dubai, and it’s getting support from China. The EU says the tax on imports aims to protect EU companies that pay a carbon price against unfair competition from countries that have no or low carbon prices. Brazil and other big emerging-economy countries contend the levy is discriminatory and could undermine developing countries’ efforts to fight climate change. (Politico.eu)
- Saudi Arabia announced that foreign companies that move their regional headquarters into the kingdom will get tax breaks, including a 30-year exemption for corporate income tax. (Reuters)
- Hearing one of the biggest US tax cases in decades, US Supreme Court justices appeared hesitant to strike down a levy on Americans’ unrealized gains on foreign income. (WSJ) (CNN)
Ireland's November corporate tax haul jumps to 6.3 billion euros
- Ireland took in 6.3 billion euros ($6.8 billion) in corporate tax revenues in November, up close to 27% from the same month last year and bouncing back from three consecutive monthly drops. (Gov.ie)
- With the 15% global minimum tax about to take effect, the Philippines should increase its tax base, in particular by eliminating tax breaks for profitable companies and wealthy individuals, a World Bank economist recommended. The economist said the Philippines needs to raise its tax revenues to increase its social spending. (ABS CBN News)
- The World Health Organization said countries should increase their taxes on alcohol and sugar-sweetened beverages to “incentivize healthier behaviors.” (WHO.int)
Wilson Sonsini promotes 20 to partner
- Silicon Valley Big Law firm Wilson Sonsini Goodrich & Rosati promoted 20 lawyers to partner, effective Feb. 1, 2024. They include Palo Alto, California-based employee benefits and compensation attorney Michael Klippert, who among other things advises on tax and securities law implications of compensation packages. (WSGR.com)
- McCarter & English added veteran intellectual property and technology transactions attorney Jeffrey Mann in New York. He was earlier at Stroock & Stroock & Lavan. (McCarter.com))
