Worldwide: Withholding Tax

Liability management exercises (LMEs) offer companies facing financial pressure an alternative to formal bankruptcy, but their tax consequences can significantly impact long-term value creation. Understanding how different LME structures affect cancellation of indebtedness income, tax attributes, and future deductions is essential for stakeholders evaluating out-of-court debt restructuring options.

The EU Court of Justice ("CJEU") has been asked by a Belgian court about the legality of transferring EU residents' banking data to the United States under the Foreign Account Tax Compliance Act 2010 ("FATCA").

On July 4, 2025, President Trump signed into law H.R. 1, commonly known as the One Big Beautiful Bill Act (the "OBBBA").