-Caveat Lector- U.S. Appeals WTO Ruling The Associated Press Friday, Oct. 29, 1999; 7:16 a.m. EDT GENEVA –– The United States appealed today against a World Trade Organization ruling that its tax breaks for U.S. companies with overseas subsidiaries violate international rules. The WTO judgment, issued Oct. 8, is potentially politically explosive as it would force fundamental changes in the U.S. Internal Revenue Code. Trade Representative Charlene Barshevsky said in a statement that the WTO panel "committed multiple legal errors on both substantive and procedural issues." The panel upheld a complaint from the European Union against the so-called U.S. Foreign Sales Corporation Program, which grants tax relief to U.S. corporations exporting through offshore subsidiaries. The EU claims that the program gives U.S. multinationals unfair tax breaks worth $2.5 billion per year. Barshevsky disagreed that the system was unfair. "A careful review of the history of this issue, the facts of record, and the applicable WTO legal rules concerning income tax measures should result in a reversal of the panel's decision," she said. The issue will now be considered by the WTO's appellate body, which will issue its findings early next year. © Copyright 1999 The Associated Press Back to the top DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance—not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
