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Europeans, US agree on withdrawing digital taxes and retaliatory measure

Posted On: 8 Dec 2021   |   Posted By: Politico

PARIS - The U.S. has reached a deal with France, Italy, Spain, Austria and the U.K. on the withdrawal of their domestic digital taxes ahead of the implementation of a new global taxation mechanism.
Under the so-called “Unilateral Measures Compromise” unveiled Thursday, the U.S. will retroactively withdraw trade sanctions that had been imposed on those European countries in retaliation for digital taxes, while the five European countries will remove those taxes only when the new global corporate taxation system agreed earlier this month enters into force.
In the meantime, the agreement introduces a transitional regime that will apply from the beginning of 2022 until the new taxation system is in force. The money U.S. companies pay as a result of the digital services taxes during that transitional period will be credited toward future tax payments.
“This compromise represents a pragmatic solution that helps ensure that the named countries can focus their collective efforts on the successful...

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