WASHINGTON : Negotiations over the withdrawal of existing digital services taxes after a landmark corporate tax deal should ultimately end the threat of tariff wars between the United States and several countries over the levies, U.S. Treasury officials said.
In return, the deal requires all countries to remove unilateral digital services taxes that largely targeted U.S. technology giants. It also prohibits new digital levies immediately until the agreement enters into force or the end of 2023.The Treasury officials told reporters on a conference call that talks over the details of these arrangements were expected to obviate the need for the United States to pursue retaliatory tariffs countries that have imposed digital services taxes.
Proposed tariffs on French goods would slap 25per cent duties on cosmetics, handbags and other imports valued at some US$1.3 billion, while Paris has threatened retaliation of its own. Another Treasury official said that implementation for the reallocation of taxing rights, known as"Pillar 1" of the OECD agreement, could take several months to complete, and that the Treasury envisions that it will be done with bipartisan support.
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