India waives digital tax in favor of the OECD agreement

The United States announced on Wednesday that it had reached an agreement with India to abandon its taxation of American digital giants in favor of the latest OECD framework agreement on minimum taxation for these companies. “This compromise is a pragmatic solution“Underlined the US Treasury Department in a press release.

India is thereby renouncing the taxation of American digital giants, and the United States in return is lifting the tariffs introduced in June, which however were never applied as they were suspended immediately after their announcement to give the parties time to the OECD agreement . A corresponding agreement was announced with Turkey on Monday.

Tax treaty

A handful of countries had individually introduced specific taxes on American technology companies. Washington responded with tariffs. But at the beginning of October, 136 countries, including India and the USA, agreed on a framework tax agreement under the aegis of the Organization for Economic Cooperation and Development (OECD). It provides for the taxation of a minimum share of the income of the American digital giants in each country of exercise as well as a worldwide minimum tax rate in order to avoid tax optimization.

The US government had already abolished tariffs on five other countries with specific taxes in early June, including France, which in October committed itself to introducing a tax system in line with the agreement mechanism. The principles of the framework agreement must be in place by the end of 2023 or beginning of 2024.

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