US To Terminate Trade Retaliation Case Against India After Global Tax Agreement
Updated Nov 27, 2021 04:27 am
- The US Trade Representative’s (USTR) office said on Wednesday it is moving to terminate its trade retaliation case against India after Washington and New Delhi agreed on a global tax deal transition arrangement that will withdraw India’s digital services tax.
- USTR said the agreement between the US Treasury and India’s finance ministry applies the same terms agreed to with Austria, Britain, France, Italy, Spain and Turkey, but with a slightly later implementation date.
- The pact follows an October agreement by 136 countries in principle to withdraw their digital services taxes as part of a sweeping global tax deal agreed on October 8 to adopt a 15% global minimum corporate tax and grant some taxing rights on large profitable companies to market countries.
Global tax agreement