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WASHINGTON — The United States reached an agreement on Thursday with Austria, France, Italy, Spain and Britain that will terminate the threat of American tariffs on certain goods from those countries in exchange for the eventual removal of digital services taxes that they had imposed on companies like Facebook, Amazon and Google.

The agreement comes as more than 130 countries agreed this month to an overhaul of the international tax system that will see nations adopt a global minimum tax of 15 percent and change taxing rights so that large multinational corporations are taxed based on where their goods and services are sold, rather than where they operate.

The part of the agreement that applies to the large firms came in response to a global tax dispute between the United States and European countries, which in recent years imposed the digital services taxes targeted at American technology giants.

Through the deal reached on Thursday, Austria, France, Italy, Spain and Britain will remove their digital services taxes once that part of the global agreement, known as Pillar 1, is enacted. That is expected to occur sometime in 2023. Taxes that are collected from companies between now and then will be eligible for a credit.

Source : https://www.nytimes.com/2021/10/21/business/global-tax-agreement-digital-services.html

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