Domestic International Sales Corporation
Domestic International Sales Corporation: a corporate structure used in the United States until 1984, generally known as DISC. The principal benefit conferred by it was permission to defer payment of federal taxes on income from export profits until these had been distributed to their shareholders. DISCs covered mainly goods trade. In services, they were more or less confined to activities related to construction. In 1973, the European Economic Community notified the GATT of a dispute over the alleged subsidies DISCs enjoyed in steel exports. The panel found against the United States which then launched a retaliatory action on certain types of tax treatment available in the European Economic Community. The dispute was finally settled in 1982. In 1984, the DISC legislation was replaced by the Foreign Sales Corporation (FSC) program, thought to be more in keeping with the GATT rules. A WTO panel then found that some
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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