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UAE and Israel move closer to tax treaty that will help boost foreign investments
A free trade agreement and double taxation treaty are among several frameworks being worked on by the UAE and Israel to increase trade and investments flows between the two nations after they normalised relations last year.
UK and EU reach agreement on post-Brexit financial services regulation
Three months after Britain exited the EU, London on Friday reached a cooperation agreement on financial services with Brussels but despite this first step rivalries between the two sides remain.
India files appeal against $1.4-bn Cairn arbitration award
India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for ₹10,247 crore in back taxes from Cairn Energy Plc — the second time in three months that it has refused to accept an international award against retrospective tax.
India has till mid-April to appeal against Cairn award on limited ground
India has time till mid-April to file an appeal against an international arbitration tribunal ordering it to repay UK’s Cairn Energy Plc USD 1.2 billion-plus interest and cost, but the challenge can only be on limited grounds such as procedure not being followed.
India firms up grounds for appeal in Cairn Award, to file appeal this week
India will be filing an appeal at The Hague this week against the $1.4-billion arbitration award against British oil firm Cairn Energy.
International investment agreements and their implications for tax measures
Most international investment agreements do not exclude taxation from their scope, which means that a wide range of tax-related measures are covered by them.
Canadian miner First Majestic wants to resolve its tax dispute with the SAT with international arbitration
Canadian mining company First Majestic Silver Corp submitted a request for arbitration based on NAFTA, due to the tax debt and its differences with the Mexican government.
India to contest Cairn Energy arbitration award, lawsuits in international court
The move signals the government’s resolve to defend its sovereign rights in taxation. The government has kept open possibility of settling the dispute within existing Indian laws.
Cairn Energy files case in US to push India to pay $1.2 billion award
Cairn Energy has filed a case in a US district court to enforce a $1.2 billion arbitration award it won in a tax dispute against India, a court document showed, ratcheting up pressure on the government to pay its dues.
Regional trade pact will pave way for digital yuan
The RCEP will undoubtedly pave the way for China’s new digital yuan expansion throughout Asia.
Banks agree to end action against Croatia in loan conversion dispute
Six banks have agreed not to take legal action against Croatia over its conversion of Swiss franc loans into euros in 2015 at the lenders’ expense.
India may offer Cairn oilfield against $1.4 billion arbitration award
For a government struggling to find revenue to boost a COVID-19 battered economy, options of appeal against the arbitration award are limited and it may not have the financial bandwidth for such a payout.
Cairn threatens Indian asset seizures abroad in tax case
UK-based Cairn Energy Plc has threatened that it may be forced to begin attaching Indian assets including bank accounts in different world capitals, unless the government resolves the issue.
Cairn Energy’s major investors ask India to honour arbitration
Investors have written to the Indian government as well as the governments of the US and UK seeking adherence to the award of a tribunal at the Permanent Court of Arbitration in The Hague
Analysis: How rich oil firms are using secretive court to fight capital gains tax in developing world
The battle between ConocoPhillips and Vietnam result could mark a significant shift in the way huge multinationals fight off the threat of taxes from desperate revenue authorities in developing countries.
US attacks Australia’s ’extraordinary’ plan to make Google and Facebook pay for news
The US has said the proposed legislation could run counter to the US-Australia free trade agreement.
UK to start talks with EU on finance cooperation this week
The UK will begin talks with the European Union this week on how regulators will cooperate over financial services now Brexit has been completed.
UK-EU trade agreement: What’s next for financial services?
The EU and the UK committed in the agreement to establishing a Memorandum of Understanding, by March 2021, for establishing a framework for regulatory cooperation on financial services.
Seoul rejects Lone Star’s out-of-court ISD settlement offer
The South Korean government has opted for an international arbitration over its longstanding dispute with Lone Star Funds after it turned down the US fund’s final $870-million out-of-court settlement proposal.
South Korean government likely to reject Lone Star’s offer
Lone Star Funds, which is in litigation against the South Korean government at the International Centre for Settlement of Investment Disputes, suggested US$870 million as a concession.