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WTO Panel Condemns Tax Breaks for Some

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Judi Lynn Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Sep-30-05 10:55 AM
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WTO Panel Condemns Tax Breaks for Some
WTO Panel Condemns Tax Breaks for Some

By Associated Press

September 30, 2005, 11:15 AM EDT

GENEVA -- A World Trade Organization panel ruled Friday that Washington is failing to comply with a previous decision condemning tax breaks for some U.S. firms operating overseas.

The compliance panel upheld a previous ruling from January 2002, when the WTO ruled that the so-called Foreign Sales Corporation law breached global trade rules by giving illegal subsidies to some U.S. businesses.

Under the law provisions, the United States gave tax exemption to part of the income of more than 6,000 U.S. exporters, including corporate giants such as Microsoft Corp., Boeing Co. and General Electric Co.

In 2002, the WTO authorized $4 billion in sanctions by the EU, although Brussels decided to impose only $300 million.
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