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Senate FSC/ETI Bill Pleases Pulse Industry
WASHINGTON - May 13/04 - SNS -- North America's pulse industry is pleased that the U.S. Senate passed a bill which would close a tax loophole deemed illegal under the World Trade Organization (WTO) rules and which allowed the European Union to establish escalating punitive duties on a wide range of U.S. products.
The bill (S. 1637) would repeal the foreign sales corporation/extraterritorial income (FSC/ETI) export tax break. In ruling against the U.S. tax provision, the WTO authorized the EU to impose $4 billion in sanctions, which began as a 5% tariff on March 1 and is scheduled to increase 1% per month - currently it stands at 7% - until fully being phased in at 17% in March 2005 unless Congress repeals the FSC/ETI tax break.
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