The U.S. Department of the Treasury revealed on September 15, 2016 that it is drafting rules to curb US Multinationals from obtaining US foreign tax credits as a result of foreign government's audits resulting in foreign tax adjustments for US Multinationals. In Notice 2016-52, 2016-40 IRB, the IRS has announced that it intends to issue regs…
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US – Israeli Dual Nationals Lose FATCA Challenge in Israel.
An Israeli Supreme Court panel has thrown out a challenge to a tax information-sharing agreement with the U.S. and removed a temporary block on FATCA's implementation, rejecting arguments that the agreement violates the rights of Israelis. The three-justice panel issued a brief ruling rejecting the challenge, with a more detailed opinion to follow, while also lifting…
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