Banana Bust-Up Beckons for Deloitte & Touche

Deloitte & Touche has stepped into the transatlantic dispute raging between the U.S. and Europe over banana trading.

The Big Five firm has agreed to help a packaging company as it tries to fight a 100% increase in import tariffs on goods it exports to the U.S. The massive rise in duty has been imposed by the American government because the European Union has repeatedly failed to obey instructions to bring its banana trading into line with world trade rules.

Now Beamglow Ltd, which manufactures high quality printed folded cartons, is poised to sue the Council of the European Union and the European Commission for "substantial damages."

Beamglow company secretary Adrian Brown said: "Our business is supplying quality packaging to international and domestic markets. We certainly have nothing to do with bananas. We simply want the right to service our American clients on an equal footing with other companies."

Bob Fletcher, Deloitte & Touche's leader of Customs & International Trade Group, added: "Beamglow Limited has been caught in the crossfire."

You may like these other stories...

By Jason BramwellThe IRS on August 19 unveiled a new online registration system for financial institutions that need to register with the agency under the Foreign Account Tax Compliance Act (FATCA).Financial institutions...
By Curtis C. Verschoor, CMAThe furor over the extensive tax avoidance measures used by technology companies such as Google and Apple has reached new heights in both the United Kingdom and the United States. Government...
By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.