The US is awaiting an the verdict of an appeal on a tax shelter system foundillegal by the WTO.
The European Union charges that so-calledforeign sales corporations illegally benefit American companiessuch as Boeing and General Motors to the tune of about$2.5 billion a year, Bloomberg reported today.
P> If the USloses the appeal, it would be open to billions of dollars worthof European sanctions.
Analysts quoted by Bloomberg said that would have a far greater impact thanrecent WTO rulings in favor of the US in beef and bananadisputes with the EU, which have prompted the US to impose morethan $300 million in tariffs on European goods.
‘It would be exceedingly complicated for the EU and theUS to do a deal in practice,’ David Woods, a former WTOspokesman is quoted. ‘It’s difficult to imagine it working because there’stoo much sensitivity politically on the beef and banana issues.’
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy