Good news! America Defer Taxes Against These Six Countries - Kakiforex.com - Financial Market Media No. 1 in the World Good news! America Defer Taxes Against These Six Countries Good news! America Defer Taxes Against These Six Countries
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June 3, 2021

Good news! America Defer Taxes Against These Six Countries

 The United States will suspend new tariffs imposed on six countries in response to a digital services tax by those countries.


According to a statement released by U.S. trade representatives on Wednesday, six countries including Austria, India, Italy, Spain, Turkey and the United Kingdom will enjoy tariff suspensions.


The moratorium will be in effect for up to 180 days while the US negotiates on a proposed global tax regime through the Organization for Economic Co -operation and Development and the G20 process.


Earlier, those countries had imposed a 25% tax on various types of goods worth around $ 2 billion.



This follows the actions of those approving a digital services tax that specifically targets revenue generated by large tech companies, particularly those based in the U.S. such as Facebook, Google and Amazon.


The UK, for example, has levied a 2 % tax on income from such companies, on the grounds that they make profits from UK-based consumers, so the country is entitled to a share of those profits.


This has angered the US, and at the same time led to the imposition of tariffs on those countries.


Although the news was seen as positive, however, no major reaction was displayed by the currency movement in the market following the report.