TaxCorporate TaxTax ruling could hurt relations between US and Europe

Tax ruling could hurt relations between US and Europe

WTO ruling could see sanctions imposed on US

The US has been given 60 days to end certain export tax breaks after
Washington lost its appeal to the World Trade Organisation.

European trade commissioner Peter Mandelson welcomed the move, but warned the
EU could enforce $4bn (£2.3bn) in sanctions if the US failed to act.

Although the US officially stopped the so-called ‘Foreign Sales Corporation
tax break’ in 2004, the WTO found that it had unfairly retained some exemptions,
the BBC online reported.

The EU claimed that US firms unfairly benefited from the exemptions,
including software make Microsoft and aircraft maker Boeing.

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