foreign sales corporation (FSC) definition

foreign sales corporation (FSC)

Type of firm that US exporters can establish to avail of certain exemptions from US federal income and other taxes. A FSC must (1) maintain its office and books of account in a country that has exchange of information agreement with the US, (2) have at least one director residing in the country of the office, and (3) derive income from export of US goods and/or services to that country. Formerly called domestic international sales corporation (DISC).

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