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FSC/ETI repeal

This article was originally published in The Rose Sheet

Executive Summary

Conference report approved by U.S. House and Senate negotiators Oct. 6 would end retaliatory sanctions against the U.S. by Europe, including those on select cosmetic and fragrance ingredients. Report calls for repeal of the U.S. Foreign Sales Corporation/Extraterritorial Income Exclusion Subsidy, which allowed a portion of U.S. companies' income generated outside the U.S. to be exempt from taxes, and replace it with more than $8 bil. of transition relief over three years, House Committee on Ways and Means says. Presented by committee Chairman Bill Thomas (R-Calif.), the report still needs approval from full House and Senate. World Trade Organization gave the European Union the green light to impose tariffs on certain U.S. products, and in March, the EU announced it would impose a 5% customs duty on them (1"The Rose Sheet" March 8, 2004, In Brief)...
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