US Announces Tariffs On Six Countries Over Digital Tax Discrimination

June 2, 2021 1:05 PM | 1 min read |

The U.S. imposed 25% tariffs on over $2 billion worth of imports from six countries in retaliation over their digital services taxes, but immediately postponed the implementation to provide time for tax negotiations, Reuters reports.
The execution was held back for up to 180 days, Bloomberg Tax reports.
The Organization for Economic Cooperation and Development (OECD) and the G20 are leading the global discussion on taxation of big tech companies.
The U.S. Trade Representative's office acknowledged the approval of the tariffs on goods from Britain, Italy, Spain, Turkey, India, and Austria following an investigation, proving their digital tax discrimination against the U.S. companies.
President Joe Biden has proposed a 15% tax on the big tech companies like Alphabet Inc GOOG GOOGL Google, Amazon.com Inc AMZN, and Apple Inc AAPL.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.