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10/21/2021, 6:46 PM (Source: TeleTrader)
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US reaches deal on digital taxes with European countries

The Office of the United States Trade Representative (USTR) on Thursday commended the agreement between the US Treasury Department and Austria, France, Italy, Spain, and the United Kingdom on Digital Services Taxes (DSTs).

The deal proposes that "DST liability that U.S. companies accrue" in those European countries during an interim period "will be creditable against future income taxes" accrued under the recently-reached Organization for Economic Co-operation and Development (OECD) agreement. "In return, the United States will terminate the currently-suspended additional duties on goods" from those countries, according to the USTR.

Washington specified that "Turkey and India, the other two countries covered by the DST investigations, have not joined in the agreement."

Baha Breaking the News (BBN) / MS