Foreign Sales Corporation - FSC

A defunct provision in the U.S. federal income tax code which allowed for reduction in taxes on income derived from sales of exported goods. The code required the use of a subsidiary entity in a foreign country which existed for the purposes of selling the exported goods. The FSC evolved from 1971 tax legislation which provided benefits for domestic international sales corporations.

The tax provision was disputed by several countries on the grounds that is constituted an export subsidy that was not allowed under a certain international trade treaties. The foreign sales corporation was eliminated by the Extraterritorial Income Exclusion Act in 2000 which introduced new rules for income not subject to U.S taxation.


Investment dictionary. . 2012.

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