US, European Nations Agree To Digital Services Tax Compromise - Statement
Daniyal Sohail Published October 22, 2021 | 12:32 AM
The United States, Austria, France, Italy, Spain, and the United Kingdom have reached a compromise on digital services taxes, a joint statement from the six countries released by the US Treasury said on Thursday
WASHINGTON (UrduPoint News / Sputnik - 21st October, 2021) The United States, Austria, France, Italy, Spain, and the United Kingdom have reached a compromise on digital services taxes, a joint statement from the six countries released by the US Treasury said on Thursday.
"In recognition of the Unilateral Measures Compromise, the United States will terminate trade actions proposed under Section 301 and commit not to impose further trade actions with respect to the existing Digital Services Taxes imposed by Austria, France, Italy, Spain, or the United Kingdom during the interim period," the statement said.
Section 301 of the US Trade Act enables investigation and action to enforce the United States' rights under trade agreements and respond to certain foreign trade practices with measures that include sanctions.
US authorities had initially intended to use the regulation, applied in the past to formulate sanctions against China, to reciprocate against certain European states that had formulated digital service tax laws that could hurt American technology companies operating on their territory.
The agreement announced Thursday is part of a "two-pillar solution" to address tax challenges arising from this and other moves to digitalize the world economy, the statement said.
In the case of Austria, France, Italy, Spain, and the United Kingdom, each country agreed to provide an "interim credit" equal to the credit amount of the taxes involved, the statement said.
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