US and digital tax hikes on UK and other tariffs – and immediately suspended – sets business

The Biden administration on Wednesday announced a 25 percent tariff on ٹیکس 2 billion in imports from the United Kingdom and five other countries on their taxes on U.S. technology companies, but immediately called for time to allow negotiations to continue. Suspended duties.

Catherine Tai, the US Trade Representative, said after an investigation into the alarming rates imposed on goods from Britain, Italy, Spain, Turkey, India and Austria, it was agreed that their digital taxes discriminate against US companies. Do

The move underscores the threat of US retaliation, more than the digital services tax on US-based companies, including Albat, Apple and Facebook, under the first Trump administration, which has spread internationally. Which countries should have the right to tax? The world’s largest companies.

The US Trade Representative’s (USTR) office published lists of imports that would face tariffs if international tax negotiations did not reach a settlement. Britain will face 25 per cent compensation on 88 887 million worth of goods, including clothing, overcoats, shoes and cosmetics, including goods worth about 6 386 million from Italy, including clothing and handbags. And optical lenses. The USTR said it would impose tariffs on goods worth 32 323 million from Spain, 31 310 million from Turkey, 8 118 million from India and 65 65 million from Austria.

A USTR official said the potential revenue based on 2019 import data is aimed at matching the amount of digital tax collected from US firms.

The news came as financial leaders of the G7 countries prepared to meet in London on Friday and Saturday to discuss the state of tax negotiations, which would include taxing major technology companies and minimizing global corporations. Includes US tax proposal. In January, US tariffs were suspended against the threat of a digital tax against France to allow time for negotiations.

Tai said he focused on “finding a multifaceted solution” to digital tax and other international tax issues.

“Today’s measures provide time for progress in these negotiations as we continue to make progress in the future while maintaining the option of imposing tariffs under Section 301,” Tai said.

Tai faced a deadline of Wednesday to announce action against Tiff, or the legal authority to conduct a trade investigation would have expired.

A spokesman for the British government said the UK tax was intended to ensure that tech companies paid a fair share of the tax and was temporary. “Our digital services tax is reasonable, proportionate and non-discriminatory,” the spokesman said. “This is also temporary and we are working positively with international partners to find a global solution to this problem.”

Reuters contributed to this article

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