TaxPersonal TaxBanana wars forecast after tax verdict due this week

Banana wars forecast after tax verdict due this week

The EU is unlikely to swap concessionswith the US on transatlantic disputes over bananas and beefif the World Trade Organization upholds an earlier ruling againstUS offshore tax shelters.

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.’

WTO to open up markets

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