At its Annual Conferences, the BABC – by far the largest transatlantic business organization, with more than 3,500 member companies based in more than 20 business centers throughout the United States and the United Kingdom – brings together its member companies from throughout its network for a high-level program of business networking and debate.
Global mobility has become a critical component of success for multinational companies relocating employees around the world. These moves face a variety of unique challenges such as healthcare, visa/immigration, banking, employee benefit plans, taxes, local and overseas compliances obligations, and other regulatory requirements.
On January 22, the British American Business Council kicked off 2009 with the successful follow-up event, Cool Britannia. BABC members networked over authentic British cuisine and beverages at the luxurious AKA suites.
There could not have been a better night to grab some British fare after work. On a beautiful evening in Philadelphia, guests were able to tour an exclusive suite with a view over Rittenhouse Square Park, and enjoy first class British hors d’ oeuvres.
On Thursday, February 26, the BABC will present a Breakfast Roundtable Forum discussing the unique challenges companies face when relocating employees around the world. Our panel of specialists will share insights of how to best deal with the challenges of global mobility and the management of international cross border issues.
The BABC is pleased to announce that the honorable Governor of Pennsylvania, Ed Rendell, will receive the 2009 “Building A Better Future” Award on Tuesday, March 24 at The Union League of Philadelphia.
Our global ambassador, Governor Rendell, has been devoted to enhancing the region’s transatlantic connection. With over 1,400 foreign companies investing in the Commonwealth, Pennsylvania is America’s fastest growing state in international business development. The British American Business Council would like to recognize our governor for his contributions in expanding business internationally and in the US.
Effective March 25, 2009, Continental will operate the nonstop flight daily with a Boeing 777-200 aircraft. Flight 87 will depart Liberty at 11:20 a.m., arriving in Shanghai mid-afternoon the following day at 1:45 p.m. The return flight 86 will depart Shanghai in the afternoon at 3:45 p.m. and arrive at Liberty in the evening of the same day at 6:20 p.m. Flying times will be approximately 14 hours and 30 minutes in each direction.
Morgan Lewis, a BABC Club Level member, regularly monitors developments in US/UK immigration law through their Immigration and Nationality Services Practice, and the past few months have included some important changes that affect trans-Atlantic business travel.
In December’s Pre-Budget Report, the United Kingdom Government announced a package of measures following its review of the corporate taxation of foreign profits; this was followed by the release of draft legislation which is expected to become effective in spring 2009.
HM Revenue & Customs has indicated that much of the draft legislation is a work in progress and has been released for discussion. The possibility to see the legislation at an early date has been generally welcomed. However, in analyzing the detail of the draft legislation, it appears that certain aspects could have a significant impact on international businesses operating in the UK and concerns have been raised about the policy behind some of the proposals.
The UK currently taxes foreign dividends received by UK companies (with the availability of a tax credit for overseas taxes suffered), but exempts domestic dividend receipts. Draft legislation proposes the introduction of a dividend exemption system which will operate by making all dividend receipts taxable, unless they fall within one of a list of exemptions. The effect will be that both foreign and domestic dividends received by large and medium groups on ordinary shares and most non-ordinary shares will be exempt from UK tax. A targeted anti-avoidance rule will operate to prevent avoidance activity seeking to exploit these dividend exemptions.
Two separate proposals are contained in the draft legislation, relating to the deductibility of interest expenses: