By John Smith • 22 October 2021 • 16:09
Katherine Tai (on right) with UK Secretary of State for International Trade Anne-Marie Trevelyan
GREAT news for Britain and Spain as US punitive import duties terminated after being imposed due to threats to tax companies like Amazon and Google.
In fact, the United States has reached an agreement with Austria, France, Italy, Spain, and the United Kingdom regarding the treatment of Digital Services Taxes (DSTs) during the interim period prior to full implementation of Pillar 1 of the Organisation for Economic Co-operation and Development (OECD) agreement.
The Office of the United States Trade Representative (USTR) Ambassador Katherine Tai congratulated all concerned in reaching a historic understanding which will mean that there will be a levelling of the corporate tax playing field
“In coordination with Treasury, we will work together with these governments to ensure implementation of the agreement and rollback of existing DSTs when Pillar 1 enters into effect the Ambassador said.
Adding “We will also continue to oppose the implementation of unilateral digital services taxes by other trading partners.”
The USTR is proceeding with the formal steps required for terminating the Section 301 trade actions, and in coordination with Treasury, will monitor implementation of the agreement going forward.
For the last few months, all sides had agreed to suspend the duties whilst a formal agreement was debated.
This means that Americans will be able to enjoy Scotch Whisky and Spanish olives without being made to pay high retaliatory import duties on these and a number of other goods from the countries who have now agreed terms.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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