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US appeals against WTO ruling on tax scheme
REUTERS
Washington, Oct 31: The United States said on Thursday it appealed a World Trade Organisation (WT0) ruling against a US tax scheme that supports billions of dollars in exports a year. A WTO dispute panel ruled in September that the US Foreign Sales Corporation, or FSC, scheme violated the world trade watchdog's subsidies code and agricultural agreement.The European Union, which launched the WTO dispute, alleged that the FSC program amounted to a $2.5 billion a year export subsidy to U.S. firms, with Boeing Co. and Microsoft Corp among major beneficiaries. US trade representative Charlene Barshefsky said the WTO panel erred. "We believe that the panel committed multiple legal errors on both substantive and procedural issues," Barshefsky said in a statement. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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