TAX LAW

Presumptive Republican Party presidential nominee Mitt Romney has not released several U.S. income tax reports, but if history is any indicator, from an electoral standpoint, this is exactly the opposite of what he should do.

Taxes may rise modestly for average Americans and more sharply for wealthier citizens as a result of the Patient Protection and Affordable Care Act (ACA), also known as Obamacare.

Volkswagen AG (Frankfurt: VOW) will complete its long-sought purchase of Porsche Automobil Holding SE (Frankfurt: PAH3), following years of on-again, off-again courtship between the two companies.

India has delayed for a year the implementation of controversial rules, first announced in mid-March, to combat tax-avoidance, Finance Minister Pranab Mukherjee told lawmakers in New Delhi on Monday.

In an interim relief to the foreign investors, Indian Finance Minister Pranab Mukherjee Monday said that the government would delay the implementation of the General Anti-Avoidance Rules (GAAR) by one year.

The sharp decline in the Indian rupee coupled with strong demand for the dollar forced the Reserve Bank of India (RBI) to intervene and announce measures to ease the pressure on of the rupee.

India on Friday allayed US allegations that the proposed retrospective amendments to the Indian tax laws are discriminatory and will adversely impact the US investments.Indian Finance Minister Pranab Mukherjee told Lok Sabha that the proposed amendments will not have any negative impact on the foreign investments. His clarification came after the new US ambassador to India Nancy Powell raised the issue in a business meeting on Friday at New Delhi.

US Treasury Secretary Timothy Geithner pressed India’s Finance Minister Pranab Mukherjee on Thursday for reassurance that New Delhi welcomes foreign capital and remains committed to boosting bilateral trade and investment, following concerns connected to India's newly proposed retrospective tax measures.

Sprint Nextel Corp., which is the third-biggest mobile service provider in the U.S., has been sued by the state of New York for allegedly not collecting or paying millions of dollars in taxes. Though Sprint denies these accusations, the company stands to pay more than $300 million if the claims are proven true.

The justices Monday heard debate as to whether Americans can challenge the Affordable Care Act's insurance-purchase requirement even though that part of the law isn't scheduled to take effect until 2014.

The Supreme Court will begin a three-day review of the Affordable Care Act, known to some as either the health care reform or Obamacare, on Monday, which will go down in history as a landmark case, perhaps the most monumental in more than a decade. Justices will decide whether the mandate, which would require all Americans to buy health care, for the 2010 Affordable Care Act is constitutional or not. Here are 10 things to know about the landmark Affordable Care Act case.

The new law, which has been the source of fierce battles between industry and government officials for two years, will affect around 30 companies, including international mining giants BHP Billiton, Rio Tinto and Xstrata.

The Obama administration on Wednesday will propose cutting the top tax rate for corporations to 28 percent, and pay for it by eliminating dozens of tax loopholes companies now use to lower their rates, a senior administration official said.

U.S. President Barack Obama will call for cutting the top 35 percent corporate tax rate as early as this month, according to two sources close to the administration. The president is likely to propose a rate closer to an average of those seen in peer nations, the sources said.

Vodafone, challenging the tax bill over its $11 billion deal to buy Hutchison Whampoa Ltd's Indian mobile business in 2007, had appealed to the Supreme Court after losing the case in the Bombay High Court in 2010.