US Appeals WTO Ruling On Overseas Sales Corporations
The US on Friday appealed against the WTO's adverse ruling last month on the US's Foreign Sales Corporation legislation, which allows US corporations to position sales subsidiaries in offshore jurisdictions and exempts them from US tax if various conditions are satisified. Charlene Barshevsky, US Trade Representative, said that the WTO panel 'committed multiple legal errors on both substantive and procedural issues'. The appeal process is likely to take 90 days, so that the ruling cannot come into effect until early next year even if it is upheld. .
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