Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- Japan plans to create tax breaks for domestically made electric vehicle batteries and semiconductors starting in April 2024, according to a report. (Reuters)
- Japanese automakers are warning that the next few years could decide whether they will be able to continue to compete in China, where Chinese brands are in particular dominating the fast-growing market for EVs, (WSJ)
- The US Internal Revenue Service has lost track of sensitive business and individual tax account information stored on microfilm, according to an Aug. 8 report from the Department of Treasury inspector general for tax administration. (TIGTA.gov)
- A new Texas law set to take effect in September gives a tax break to mobile bitcoin miners, whose computers for validating bitcoin transactions are big energy consumers. The law gives bitcoin miners an exemption for alternative use of so-called stranded gas, which otherwise would have to be vented or flared, according to a note from Baker Botts. (BakerBotts.com)
- Starting in 2023 a handful of French departments in the south of the country are collecting a new regional tourist tax that adds 34% to the existing taxe de séjour on stays in hotels, campgrounds, and other tourist lodging. The new tax, aimed at tapping tourists’ wallets to help pay for a new high speed train line, could spread to other regions next year. (Le Figaro)
- Baker Botts brought in two international disputes lawyers from Sidley Austin in Washington. Jennifer Haworth McCandless joins as partner and Maria Carolina Duran as special counsel. (BakerBotts.com)
- Big London-based firm Mishcon de Reya picked up employee remuneration and incentives specialist Liz Hunter from professional services giant KPMG, where she was equity reward director. She joins Mishcon as partner. (Mishcon.com)
- KPMG announced that its legal arm has hired former UK tax authority senior attorney Lee Ellis as partner in Leeds, England. According to his LinkedIn profile, Ellis arrived at KPMG Law in April after seven years at local firm Stewarts, before which he spent close to eight years at HM Revenue & Customs. (KPMG.com)
