A bill to extend nondiscriminatory treatment (most-favored-nation treatment) to the products of the Lao People's Democratic Republic, and for other purposes.

TABLE OF CONTENTS:

Title I: Extension of Most-Favored-Nation Treatment to Laos

Title II: International Shipping Income Disclosure

Title I: Extension of Most-Favored-Nation Treatment to Laos - Amends the Harmonized Tariff Schedule of the United States to extend nondiscriminatory treatment (most-favored-nation treatment) to the products of the Lao People's Democratic Republic.

Title II: International Shipping Income Disclosure - Amends the Internal Revenue Code with respect to the exclusion from the gross income of a foreign corporation of any such income derived from the international operation of a ship. Conditions such exclusion on the taxpayer's disclosure on the tax return that such income is not includible in gross income. Sets forth penalties for failure to disclose such position on the tax return, with an exception for failure due to reasonable cause and not to willful neglect.

Requires the U.S. Customs Service to provide the Secretary of the Treasury or his delegate with any information the Secretary specifies in order to enable the Secretary to determine whether ships not registered in the United States are engaged in transportation to or from the United States.