US suspends punitive tariffs on UK, India, four European nations over digital services tax dispute

Thursday, June 3, 2021

/ by mansuralisaha

The News Cover: moving on the u.s government has shelled punitive tariffs on India and five other countries including the UK which intend to levy digital services tax on e-commerce companies. now the 25 duties that have not been imposed target Britain, India, Austria, Italy, Spain, and turkey. the tariffs have instead been suspended for six months, while the u.s works to resolve a dispute over digital services tax united states trade representative. Kathryn thai had announced that the conclusion of the one-year investigations of section 301 digital service taxes. the investigations aim to impose additional tariffs on certain goods from these countries trade authorities ruled, the tariffs were justified but quartering air quoting Katherine that here the u.s remains committed to reaching a consensus on international tax issues through the OECD and g20 processes and the u.s is focused on finding a multilateral solution to a range of key issues related to international taxation the u.s trade representative has not ruled out imposing tariffs under section 301 if warranted, in the future now the investigation was initiated last year in June under the Trump administration. 

which had raised concerns about certain trading partners adopting tax schemes designed to unfairly target big tech companies. like apple, amazon, google, and Facebook, digital services tax adopted by Austria India at least Spain turkey, and the UK were found discriminatory and inconsistent with the principles of international taxation, and tariffs were announced in six countries. including India that has imposed or is considering an equalization levy on e-commerce companies byzantine administration is pushing for a 15 global minimum corporate tax. that aims to resolve the issue of corporations sheltering profits in low tax nations, now the decision also comes just ahead of the two-day g7 meeting. 

where a deal on the tax issue, will likely be hammered. now officials would try to win broader support from the g20 and 38-member organization for economic cooperation and development Washington dc now the u.s government has shared these punitive tariffs on India and the other five countries these intend to levy digital services tax on e-commerce companies could you just explain this to our viewers, and its implications a lot of scrutinies is happening around the world in many countries looking at digital taxation actually scrutiny on tech giants and the united states are arguing that this is the taxation the taxes imposed by countries like the UK in Spain India and other countries are unfair that they discriminate against u.s social media companies and so we are threatening to tax around 2 billion worth of goods put tariffs on 2 billion dollars worth of goods so this is a huge amount of money we're talking about and these tariffs. 

I think the suspension of these terrorists is seen in general as an indication that we are willing to negotiate and willing to talk rather than engage in a cycle of tit-for-tat tariffs that, we saw the previous administration engaged in with Europe with china to give examples. and so I think digital taxes is one of those key issues that has been discussed by the EU, by the g7 and by the OECD and g20 nations and that is something that, I think we're going to see movement on when those meetings in the g7 with the finance ministers. when they meet in London later on right, I was just going to come to that actually now that as I mentioned the decision also comes just ahead of the two-day g7 meeting where this deal on the tax issue is likely to happen what can we expect. 

I think there's a general sense that all these countries want to come to some sort of agreement. on how digital services should be taxed I think nobody wants to embark on a cycle of tit for taxation so I think the expectation is or the hope at least is that the finance ministers at the g7 meeting will come to some kind of agreement. which will then be officially made into it into an official agreement, later on, um but I think there is real hope that because there is a sense from all sides that they don't want to embark on tit for tat taxes tit for tat tariffs I beg your pardon that there will be some kind of resolution on this front that can be achieved.

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