WASHINGTON, June 8 ― US tech giants could benefit from the agreement of the Group of Seven rich countries' agreement to create a global minimum 15 per cent corporate tax rate if the final deal also scraps increasingly popular digital services taxes, according to industry lobbyists.
The statement on the US Treasury Department website touting the deal also discusses the “removal of all Digital Services Taxes, and other relevant similar measures, on all companies.” The industry wants levies like France's 3 per cent tax on certain online revenues removed. In 2019, France applied a 3 per cent levy on digital services revenue earned in France by companies with revenues of more than €25 million there and €750 million worldwide. It suspended collection in early 2020 while negotiations were underway on international tax rules.
He noted that the communique over the weekend set expectations that digital services taxes will be repealed. “Companies are supportive of these global tax talks and the minimum tax is the price of tax certainty.”
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