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FEATURED ARTICLESISSUE 30 | JUNE 6, 2013Topical News Briefing:Dump Awayby the Global Tax Weekly Editorial TeamIt's very unfortunate that the experts who craftedthe WTO's rules designed in such a prominentrole for action against "dumping," that is the saleof goods by one country into another at an unfairlylow price. The rules might be called a protectionist'scharter, and there have been countlessinstances in all countries of an uncompetitive industry"capturing" the local government departmentconcerned, which then proceeds to imposesevere "anti-dumping" and "countervailing" dutieson imports from another country where productionis more efficient.The purist free-trader would say that protectinginefficient industries is contrary to the long-terminterest of the country that does it, and that even ifthere is dumping, it should be welcomed, becauseit means cheaper goods for consumers. There's notmuch chance of a "pure" free-trade regime in ourimperfect world; but just for a moment considerwhether dumping is actually very likely to takeplace. No company is likely to want to sell its waresat below cost price, i.e . at a loss, so dumping is onlylikely to take place with direct government support,as part of a deliberate campaign to damage competingindustries in other countries, or at least toprotect a domestic industry until it strong enoughto compete on its own legs. But government subsidiesto industry are specifically prohibited by WTOrules (see for instance the long-running Airbus/Boeing saga in which both sides accuse the other ofreceiving unfair government subsidies).So the conclusion has to be that so-called "antidumping"is almost always protectionist in nature,and we would all be better off without it. We arewitnessing a classic case of it at present focused onChina (see our news stories below).Both sides are to blame:fi rst, China imposed an anti-dumping duty of70.8 percent on a special type of steel importedfrom the EU. Now the arithmetic says that theEU must therefore have been selling the steel at58 percent of cost. That is a ridiculous proposition,especially given that China is a lower-costproducer than the EU. There certainly is no EUsubsidy given to steel production – heaven forbid– and it's simply impossible to believe thatthe EU producer is selling at a 42 percent loss.then, the EU is about to impose (on Wednesdaythis week) a ruinous anti-dumping dutyof between 40 percent and 68 percent on solarpanel imports from China. Similar logicapplies; and another point is that while suchduties may help the backward EU solar panelindustry, the effect will be to halt alternativeenergy production in its tracks, and the ruinationwill be for the downstream installationindustry, which is said to be larger than thepanel manufacturing sector.22
fi nally, and most egregiously, the EU is goingto impose on its own initiative anti-dumpingduties on Chinese mobile telecoms networkcomponent imports.Th is last and apparently unprovoked attack ledChancellor Merkel to agree with Chinese PremierLi Keqiang at a meeting last week that all suchissues should be resolved by negotiation, insteadof the gun-slinging approach being taken by theEU. "Shoot first and ask questions afterwards"seems to be the motto of the European Commission'strade department.No-one can blame manufacturing companiesfor wanting to protect their home and overseasmarkets from unfair competition, and it is reasonablefor governments to want to use availableweaponry to achieve such a result. But in thepresent situation the government departmentsconcerned seem to be running out of control. Itneeds to stop.23
Page 1 and 2: GLOBAL TAX WEEKLYa closer lookISSUE
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Page 7 and 8: taxation treaties concluded by Swit
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Page 19 and 20: Talks are now underway. The TIEA wi
Page 21: through which they can clamber in o
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Page 29 and 30: Financial transactions ( e.g. inter
Page 31 and 32: OECD Section E - Redraft On Safe Ha
Page 33 and 34: suggests that the following items m
Page 37 and 38: State Interest And IntangibleExpens
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Page 41 and 42: Code Sec. 1563(controlledgroup)Stat
Page 43 and 44: ConnecticutGeorgiaIllinoisIndianaRe
Page 45 and 46: Rhode IslandTennesseeVirginiaWest V
Page 47 and 48: Table 4. Comprehensive Income Tax T
Page 49 and 50: include federal interest income, st
Page 51 and 52: Recurring IssuesRestructuring of th
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Page 71 and 72: Finally, the Federal Council veheme
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Singapore Plugs Benefits For SMEsOf
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TAX TREATY ROUND-UPISSUE 30 | JUNE
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CONFERENCE CALENDARISSUE 30 | JUNE
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Key speakers: John Capasso (Alvarez
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Key speakers: TBA6/27/2013 - 6/27/2
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6/14/2013 - 6/14/2013http://www.con
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THE CYPRUS BAIL-OUT ANDFOREIGN CLIE
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Chair: Jonathan Levy (Partner, Reyn
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IN THE COURTSISSUE 30 | JUNE 6, 201
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on including the profit from the do
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deduct VAT as a result of incomplet
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where the taxpayer had somehow offs
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een paid in the destination State.
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that Spain has gone its own way fir
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