Joint Report of the United Kingdom, France, Italy, Austria and Spain published It was announced Thursday that the “Digital Services Tax” (DST) will be scrapped.
The result is an agreement with the Organization for Economic Co-operation and Development with five countries and the Treasury on the tariffs contained in Section 301 on the digital services tax. Under the canceled agreement, European countries will in the meantime implement the existing “unilateral measures”.
The definitions in Section 301 apply to French stock, Austrian glassware and beauty products in the United Kingdom. The media report also referred to the medieval period. Additional requirements for a period of one year after the entry into force of Pillar 1 will require the countries concerned to account for the excess tax from the Pillar 1 amount against a portion of the corporate income tax.
Full implementation of the DSTs in the global tax agreement will take effect in 2023. Until then, countries are expected to have their own unilateral DST measures in place. The United States Trade Representative (USTR) aims to work with five governments to oversee implementation of the agreement. The USTR process began in June 2020 and initially included other countries such as India and Turkey, but they did not want to join the agreement.
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