US economy

European countries reach digital services tax deal with U.S

© Reuters.

By Leigh Thomas

PARIS (Reuters) – Austria, Britain, France, Italy, Spain and the United States reached an agreement on Thursday on the transition from national digital services taxes contested by Washington to a new global tax deal, they said in a joint statement.

The European countries agreed to withdraw their national digital services taxes in line with a deal reached among nearly 140 countries earlier this month on new rules for international corporate taxation.

As part of the political compromise reached on Thursday, the United States agreed to drop proposed trade retaliation it had targetted the countries with on the grounds that their taxes unfairly discriminated against U.S. companies.

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