Tag: USA

UPS, IRS agree on 'tentative basis' to resolve $2.353 billion Bermuda tax case

Posted by | Aug 26, 2002 | |

In a long-awaited agreement, United Parcel Service and the Internal Revenue Service have reached what the nation’s largest transportation company calls a “tentative basis” for settlement of a $2.353 billion tax dispute dating back to 1984.
The case involves billions of dollars in revenue UPS received from shippers who bought excess value package insurance. The IRS has claimed that income was shielded by UPS for tax benefits.
The income was funneled through a Bermuda-based company called Overseas Partners Ltd. UPS already has paid a “tax assessment charge” of $1.786 billion to the IRS – $1.442 billion, after tax benefits – in an effort to stanch interest and penalties in the case.

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USPS to Consignia: Resolve Delivery Problems

Posted by | Aug 16, 2002 | |

The U.S. Postal Service has given UK post office Consignia until September to fix delivery problems resulting from an agreement signed between the two agencies in January. Under the deal, the USPS sends all Global Express Mail and Global Air Parcel Post packages in Europe to Frankfurt, where Consignia takes delivery. General Logistic Systems, Consignia’s pan-European parcel company, then is responsible for delivering the packages throughout Europe. The partnership lets the USPS use a single point of contact for Europe, but the postal service for months has experienced various problems, such as with on-time delivery and with duties and fees that were higher than expected.” USPS says some of the problems have been resolved. “If the [remaining] problems are not resolved by September, the postal service will consider dealing directly with postal agencies in individual countries.

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U.S., Mexico Attempt to Quell UPS Lawsuit

Posted by | Aug 12, 2002 | |

The governments of the United States and Mexico have lined up behind Canada in an attempt to throw out a $230-million suit brought by United Parcel Service over what it says are unfair business practices by Canada Post Corp. The three governments argue in filings before a NAFTA tribunal that UPS’s claim does not come under the scope of the trade agreement’s controversial Chapter 11, which allows firms to sue any of the three countries if they feel they have been hurt by government actions. UPS in turn accuses the governments of trying to rewrite the chapter without going through the national legislatures of the three countries as another NAFTA provision requires. The case has wider ramifications than just whether, as UPS alleges, Canada Post has cost it at least $230-million in damages by channelling monopoly revenue from the general postal service into subsidizing Canada Post courier products.

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Carriers Ask for U.S. Govt. Investigation of DHL

Posted by | Aug 12, 2002 | |

United Parcel Service Inc. and FedEx Corp. have asked the federal government [U.S.] to reopen a probe of the ownership structure of rival DHL Worldwide Express, the Wall Street Journal reported on Monday. The latest moves are aimed at bringing attention to the complicated ownership structure of DHL, the largest air-express courier outside the U.S., the paper said. The requests were made last week in separate filings with the Department of Transportation, and indicate the two are uniting forces against German delivery giant Deutsche Post AG.

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