Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- ChatGPT parent OpenAI announced it’s opening an office in the Republic of Ireland, making the artificial intelligence developer the latest tech company to set up in the low-tax EU member state. (OpenAi.com) Ireland’s tax-related attractions for multinationals include the EU’s lowest corporate tax rate, at 12.5%, and a large network of bilateral double-tax agreements. (Geeky-Gadgets.com)
- The US Internal Revenue Service Thursday said it’s immediately pausing the processing of claims for a pandemic-era tax credit, until 2024, due to concerns over a surge of fraudulent applications. (IRS.gov)
Tax Increases, Rulings
- The French government’s draft 2024 budget law, due in Parliament in early October, is expected to include, among other measures, a green industry tax credit to encourage investment in wind energy, photovoltaic cells, batteries, and heat pumps. That’s on top of anti-fraud measures such as a toughening of transfer pricing documentation rules. (ActualitesduDroit.fr) The government also plans to hike an excise duty on natural gas, as part of its efforts to close a budget gap, Minister of Economy Bruno Le Maire said Thursday. He said the hike won’t impact consumers. (TF1 Info)
- Canada will remove its federal 5% sales tax on construction of new rental apartment buildings in an effort to boost housing supplies, a report says. (Reuters via Kitco)
Laterals, Moves, Promotions
- Professional services firm Alvarez & Marsal recruited Deloitte M&A and international tax practitioner Vishal Sharma as managing director in its Dubai office, and tax practice leader for the United Arab Emirates, which recently updated its corporate tax guidance. The hire is the first in the firm’s plans to hire a 10-person tax team in the Middle East by year’s end. (AlvarezandMarsal.com)
- Veteran tax controversy attorney Scott Novak joined Scarinci Hollenbeck’s Little Falls, New Jersey, office as partner. He arrives from Post, Polak, Goodsell, and Strauchler, P.A. (PR Newswire)
- Freshfields Bruckhaus Deringer picked up former White & Case dispute resolution attorney Ludovic Malgrain as partner in Paris. It also appointed litigation, disputes and arbitration partner Nathalie Colin for a three-year term as its new managing partner for Belgium. She was also earlier at White & Case. (Freshfields.com)
