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Export Tax Benefits And The Wto
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Book Synopsis Export Tax Benefits and the WTO by :
Download or read book Export Tax Benefits and the WTO written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 the same magnitude as FSC. The EU maintained that the new provisions are also not WTO-compliant and asked the WTO to rule on the matter.
Book Synopsis Export Tax Benefits and the WTO by : David L Brumbaugh
Download or read book Export Tax Benefits and the WTO written by David L Brumbaugh and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 the same magnitude as FSC. The EU maintained that the new provisions are also not WTO-compliant and asked the WTO to rule on the matter.
Book Synopsis Export Tax Benefits and the WTO by : David Brumbaugh
Download or read book Export Tax Benefits and the WTO written by David Brumbaugh and published by . This book was released on 2007 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Export Tax Benefits and the WTO by :
Download or read book Export Tax Benefits and the WTO written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 contravened the World Trade Organization (WTO) agreements. A WTO ruling upheld the EU complaint, and to avoid retaliatory tariffs, U.S. legislation in 2000 replaced FSC with a redesigned export benefit, the "extraterritorial income" (ETI) provisions. The EU maintained that ETI is also not WTO-compliant, and WTO panel reports again supported the EU, and approved the EU's request for up to $4 billion of tariffs. The EU, however, has indicated it will not impose tariffs as long as the United States makes progress on achieving WTO compliance. In the 107th Congress, Representative Thomas introduced H.R. 5095, combining repeal of ETI with tax reductions for U.S. firms' foreign business operations, but no action was taken on the bill. In the 108th Congress, Representatives Crane and Rangel and Senator Hollings proposed H.R. 1769 and S. 970, which would replace ETI with a tax benefit linked to domestic U.S. production income. Representative Thomas introduced H.R. 2896, containing provisions similar to those in H.R. 5095, but with the addition of several tax benefits for domestic investment. Senator Hatch introduced S. 1475, a similar, but not identical proposal. On September 18, Senators Grassley and Baucus proposed S. 1637, with a different mix of benefits for domestic and overseas investment. For its part, economic analysis suggests that FSC and ETI do little to increase exports but likely trigger exchange rate adjustments that also result in an increase in U.S. imports; the long-run impact on the trade balance is probably extremely small. Economic theory also suggests that export benefits likely reduce U.S. economic welfare. This report will be updated as events warrant.
Book Synopsis Export Tax Benefits and the WTO by : David Brumbaugh
Download or read book Export Tax Benefits and the WTO written by David Brumbaugh and published by . This book was released on 2001 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Is the WTO a World Tax Organization? by : Michael Daly
Download or read book Is the WTO a World Tax Organization? written by Michael Daly and published by International Monetary Fund. This book was released on 2016-03-29 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the extent to which World Trade Organization (WTO) rules impinge on policymakers’ freedom to formulate tax policies. It provides an overview of both the economic rationale for WTO rules concerning taxation and the provisions of the main WTO agreements concerning border taxes and internal taxes (direct as well as indirect). It also points out some tax anomalies and inconsistencies in these rules, and how the rules have evolved as a consequence of the interpretation of the WTO agreements by its Dispute Settlement Body and the latter’s rulings in connection with several disputes over taxes affecting trade. As WTO Members will undoubtedly want to avoid having their tax policies successfully challenged in the WTO, the paper provides some guidance concerning the design of tax policy.
Book Synopsis Export Promotion and the WTO by : Philippe De Baere
Download or read book Export Promotion and the WTO written by Philippe De Baere and published by UN. This book was released on 2009 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study focuses on export promotion schemes that developing countries may use without violating international trade rules. It examines the rules themselves ndash; the World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures for industrial goods and the Agreement on Agriculture for agricultural products ndash; and looks at schemes currently in place in the developing world.
Book Synopsis A Global Assessment of the Economic Effects of Export Taxes by : David Labordew
Download or read book A Global Assessment of the Economic Effects of Export Taxes written by David Labordew and published by Intl Food Policy Res Inst. This book was released on 2013-02-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study has been undertaken to understand and evaluate the potential negative consequences of export taxes which are implemented by many countries today and which are not disciplined by any international agreement. This paper uses a new detailed global dataset on export taxes at the HS6 (Harmonized System 6 level) level and the MIRAGE (Modeling International Relationships in Applied General Equilibrium) global computable general equilibrium model to assess the impact of export taxes on the world economy. We find that limitations on export taxes would have worldwide effects: the average export tax on global merchandise trade was 0.48 percent in 2007, with the bulk of these taxes imposed on energy products. The removal of these taxes would increase global welfare by 0.23 percent, which is a larger figure than the expected gains from the World Trade Organizations Doha Development Round. Both developed and emerging economies, such as China and India, would gain from such policies, even if they currently impose export taxes. Medium and small food-importing countries without market power (such as the least-developed countries) would also benefit from the elimination of export restrictions, especially during food crisis situations. Both the energy sector and the export taxes implemented by Commonwealth of Independent States countries appear to play a critical role in the overall economic impact of such a policy change. However, the fact that some countries, such as Argentina, would experience income losses due to such a policy change is a major challenge to overall positive reform in this area.
Book Synopsis International Trade Subsidy Rules and Tax and Financial Export Incentives by : Paulo Penteado Neto
Download or read book International Trade Subsidy Rules and Tax and Financial Export Incentives written by Paulo Penteado Neto and published by AuthorHouse. This book was released on 2012 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study researches interrelations between international trade subsidy rules and the use of tax and financial export incentives by developing countries. The author proclaims that developing countries should be allowed to adopt certain incentives without violating the WTO rules concerning subsidies. After a discussion about the right to development and the fair/just trade the author analyses the WTO concept of subsidy and its categories in light of the US-Foreign Sales Corporations (US-FSC) WTO case decision.
Book Synopsis The WTO and Direct Taxation by : Michael Daly
Download or read book The WTO and Direct Taxation written by Michael Daly and published by . This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Interface of International Trade Law and Taxation by : Jennifer E. Farrell
Download or read book The Interface of International Trade Law and Taxation written by Jennifer E. Farrell and published by IBFD. This book was released on 2013 with total page 339 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the ill-defined and oft-underestimated relationship between the World Trade Organization (WTO) and taxation. By adopting a two-pronged approach, the relationship is examined in terms of the extent to which the WTO legal framework exerts influence upon domestic tax law and international tax policy, and whether it is appropriate for the WTO to play a regulatory role in the field of taxation. The book begins with an examination of the historical development of international trade law and international tax law, and demonstrates that these two separate areas of law are closely linked in terms of their underlying principles and historical evolution. The work then goes on to offer a doctrinal analysis of the tax content found in the WTO legal texts and highlights ambiguities therein.
Book Synopsis Assessment and Recovery of Tax Incentives in the EC and the WTO by : Raymond H. C. Luja
Download or read book Assessment and Recovery of Tax Incentives in the EC and the WTO written by Raymond H. C. Luja and published by Intersentia nv. This book was released on 2003 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book enables readers with a tax background to place taxation in the perspective of trade subsidy regulation. For experts in the field of EC state aid regulation and/or the WTO Subsidies Agreement it provides insight in certain tax aspects of both regimes.
Book Synopsis The Uneasy Marriage of Export Incentives and the Income Tax by : Mihir A. Desai
Download or read book The Uneasy Marriage of Export Incentives and the Income Tax written by Mihir A. Desai and published by . This book was released on 2000 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the economic impact of tax incentives for American exports.
Book Synopsis The Role of Export Taxes in the Field of Primary Commodities by : Roberta Piermartini
Download or read book The Role of Export Taxes in the Field of Primary Commodities written by Roberta Piermartini and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Foreign Sales Corporation (FSC) Tax Benefit for Exporting and the WTO by : David Brumbaugh
Download or read book The Foreign Sales Corporation (FSC) Tax Benefit for Exporting and the WTO written by David Brumbaugh and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Foreign Sales Corporation (FSC) Tax Benefit for Exporting by : David L. Brumbaugh
Download or read book The Foreign Sales Corporation (FSC) Tax Benefit for Exporting written by David L. Brumbaugh and published by . This book was released on 2000 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foreign Sales Corporation (FSC) Tax Benefit for Exporting by :
Download or read book Foreign Sales Corporation (FSC) Tax Benefit for Exporting written by and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. tax code's Foreign Sales Corporation (FSC) provisions permit firms that sell their exports through qualified sales subsidiaries (FSCs) to exempt somewhere between 15% and 30% of their export income from federal tax. The purpose of the provision is to stimulate U.S. exports. Economic theory suggests that FSC probably does increase U.S. exports by a very small amount. But beyond this, FSC's other economic effects are probably surprising to many non-economists. First, because of the exchange rate adjustments that FSC triggers, it also increases U.S. imports, so that its effect on the U.S. balance of trade - the value of exports minus the value of imports - is probably negligible. CRS estimates based on 1996 data suggest that FSC increases the quantity of exports by a range of 2-tenths of 1% to 4-tenths of 1%; it increases the quantity of imports by a range of 2-tenths of 1% to 3-tenths of 1%. Based on 1996 trade flows, these estimated changes amounted to $720 million to $1.23 billion of exports and imports alike. Another economic effect of FSC is perhaps more important - a small transfer of economic welfare from the United States abroad that occurs when part of the tax benefit is passed on to foreign consumers as reduced prices for U.S. goods. FSC is the statutory descendent of the Domestic International Sales Corporation (DISC) provisions, enacted in 1971; DISC delivered a tax benefit of the same general size as FSC. However, several U.S. trading partners charged that DISC was an export subsidy in violation of the General Agreement on Tariffs and Trade (GATT). FSC was enacted in 1984 as a replacement for DISC that was designed to be GATTlegal. Recently, however, the European Union (EU) has charged that FSC itself contravenes GATT's successor - the World Trade Organization (WTO) agreements - and filed a complaint with the WTO. In October 1999, a WTO panel supported the EU. Under WTO procedures FSC must be brought into WTO compliance by November 2000. Absent compliance, the EU could request compensation from the United States or ask the WTO to authorize retaliatory measures. In November, 2000, Congress passed (and the President signed) legislation designed to replace FSC with a WTO-compatible export tax benefit. The legislation provides a tax benefit for exports of the same general magnitude as FSC, but its statutory mechanics differ--qualifying exports, for example, need not be sold through a subsidiary corporation, and a matching amount of income from foreign operations would potentially qualify for the tax benefit. The EU has stated it does not believe the new tax benefit to be WTO-compliant. It has asked the WTO to rule on whether the replacement provisions are WTO-compliant, and, if they are not, to authorize retaliatory tariffs. This report will not be updated.
