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.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states