Canada: Judicial Review Application Preserved In Transfer Pricing Penalty Case

A recent Federal Court of Appeal (FCA) case illustrates how contentious transfer pricing disputes can be – even one a taxpayer believed had been resolved! It also represents a rare situation in which the taxpayer’s application for judicial review, alleging abuse on the part of the Minister of National Revenue, was not struck out as the Minister had requested.

In 2007, Sifto Canada made a voluntary disclosure to CRA to correct the transfer price of […]

By |October 11th, 2014|

United States: IRS Describes Tax Treatment Of Drug Patent Infringement Legal Costs For Generic Drug Manufacturer And Patent Holder

In a generic legal advice memorandum (GLAM) (AM 2014-006), the IRS National Office concluded that when a generic drug manufacturer files an abbreviated new drug application (ANDA) with IV certification, the legal fees incurred by that manufacturer to defend against a patent infringement suit must be capitalized under Treas. Reg. Sec. 1.263(a)-4.

In addition, the GLAM states that when a drug manufacturer holds a patent on a drug for which an ANDA with IV certification […]

By |October 10th, 2014|

Spain: ECJ Rules That Spanish Law On Inheritance And Gift Tax Is Contrary To Community Law

The Court of Justice of the European Union handed down a ruling on September 3, 2014 (C-127/12, Commission/Spain), in which Spanish law on inheritance and gift tax (Impuesto sobre Sucesiones y Donaciones) is considered to restrict the free movement of capital since it involves differences in tax treatment between tax residents in Spain and nonresidents.

The controversy giving rise to the ruling of the court derives from the fact that regional/state law applies only in […]

By |October 10th, 2014|