Export Tax Benefits and the WTO: Foreign Sales Corporations and the Extraterritorial Replacement Provisions
Description:
The U.S. tax code’s Foreign Sales Corporation (FSC) provisions provided a tax benefit for U.S. exporters. However, the European Union (EU) in 1997 charged that the provision was an export subsidy and thus contravened the World Trade Organization (WTO) agreements. A WTO ruling upheld the EU complaint, and to avoid WTO sanctioned retaliatory tariffs, U.S. legislation in November 2000 replaced FSC with the “extraterritorial income” (ETI) provisions, consisting of a redesigned export tax benefit of…
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Date:
September 25, 2003
Creator:
Brumbaugh, David L.
Item Type:
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Report
Partner:
UNT Libraries Government Documents Department