U.S. Forges Ahead on $1 Billion Tariff Plan Over Digital Taxes

Bloomberg2021-04-05

U.S. plans duties that will collect value equal to tax levied U.K., Spain, Austria, India, Italy and Turkey may be affected The U.S. is pressing ahead with plans to hit six nations that tax Internet-...

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Comments

LHJarsenal
2021-04-05
LHJarsenal
Pls like n comment.
LowZackM
2021-04-05
LowZackM
SELL MICROSOFT AND PURCHASE AAPL
KK_SG
2021-04-05
KK_SG
[財迷] [財迷]
DJBoy
2021-04-05
DJBoy
Which counter to buy and which counter to sell?
Bentez
2021-04-05
Bentez
Please like and comment
RajBengal
2021-04-05
RajBengal
The retaliatory measures don't look fair and an unnecessary taxation on some other industrial segment. What's the point in taxing lether as a tit-for-tat tax on digital tax?

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The duties are in response to countries that are imposing taxes on technology firms that operate internationally such as Amazon.com Inc. and Facebook Inc.\nIn each of the six cases, the USTR proposes to impose tariffs that would roughly total the amount of tax revenue each country is expected to get from the U.S. companies. The cumulative annual value of the duties comes to $880 million, according to Bloomberg News calculations.\n\nThere have been efforts to replace each individual country’s digital taxes with one global standard -- to be brokered by the Organization for Economic Cooperation and Development -- but a deal has yet to be reached.\nThe U.S. says it’s committed to the OECD process, but will maintain its options, including tariffs, in the meantime, USTR Katherine Tai said in a statement on March 26.\nThe Internet Association -- whose members include Amazon, Facebook and Alphabet Inc.’s Google -- welcomed the USTR’s move.\n\nThe USTR’s action “is an important affirmation in pushing back on these discriminatory trade barriers as the U.S. continues to work to find a viable solution at the OECD,” the group said in a statement.\nThe USTR has invited public comment on its plans to go ahead with the tariffs, and will hold public hearings at the start of May.\nBelow is a round-up of the tax laws in each country, which goods may be affected, and the date of the virtual USTR hearing.\nThe U.K.\n\nThe U.K. applies a 2% tax on the revenues of certain search engines, social-media platforms and online marketplaces.\nThe tax affects companies with digital-services revenue exceeding 500 million pounds and U.K.-specific digital-services revenues exceeding 25 million pounds.\nThe USTR estimates the value of the DST payable by U.S.-based company groups to the U.K. be about $325 million annually.\nPotentially affected goods include art supplies, make-up and cosmetics, apparel, boat-swings and other fairground amusements.\nThe USTR’s public hearing is set for May 4.\n\nItaly\n\nItaly’s DST applies to companies that during the previous calendar year generated 750 million euros or more in worldwide revenue, and 5.5 million euros or more in revenue deriving from the provision of digital services in Italy.\nThe USTR estimates the value of the DST payable by U.S.-based firms to Italy at about $140 million annually.\nPotentially affected goods include caviar, handbags, suits and bowties.\nThe public hearing is set for May 5.\n\nSpain\n\nSpain charges a 3% tax on certain digital-services revenue related to online advertising services, online intermediary services, and data-transmission services.\nCompanies with worldwide revenue of 750 million euros or more and 3 million euros in certain digital-services revenues are subject to the DST.\nInitial USTR estimates indicate that the value of the DST payable by U.S.-based companies to Spain will be as much as $155 million annually.\nPotentially affected goods include shrimp and footwear.\nThe public hearing is set for May 6.\n\nTurkey\n\nTurkey’s DST applies to companies that during the previous calendar year generated 750 million euros or more in worldwide revenues and 20 million lira or more in revenue from providing digital services in the nation.\nU.S. based companies would pay Turkey about $160 million in taxes annually, USTR estimates show.\nCarpets, hand-woven rugs and glazed ceramic tiles are among the goods that could be affected.\nThe public hearing is set for May 7.\n\nIndia\n\nIndia’s DST imposes a 2% tax on revenue of non-resident companies generated from a broad range of digital services offered in the country, including digital-platform services, digital-content sales, digital sales of a company’s own goods, data-related services and software-as-a-service\nThe value of the DST payable by U.S. companies to India will beup toabout $55 million annually.\nGoods affected include shrimp, blinds, bamboo products, gold jewelry and rattan furniture.\nThe public hearing is set for May 10.\n\nAustria\n\nAustria’s DST imposes a 5% tax on gross revenue from digital advertising services provided in the country. It only applies to companies with annual global revenue of 750 million euros or more, and annual revenues from digital advertising services in Austria of 25 million euros or more.\nThe DST payable by U.S.-based companies to Austria will beup toabout $45 million annually.\nLeather goods, fabrics, optical telescopes and microscopes are among the products that could be affected.\nThe public hearing is set for May 11.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":349418790,"gmtCreate":1617631528510,"gmtModify":1704701130688,"author":{"id":"3578967818815253","authorId":"3578967818815253","name":"LHJarsenal","avatar":"https://static.tigerbbs.com/a0d7e1e2167d189c3611e1bcef48e104","vip":1,"crmLevel":8,"crmLevelSwitch":0},"htmlText":"Pls like n comment.&nbsp;","listText":"Pls like n comment.&nbsp;","text":"Pls like n comment.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349418790","repostId":1110010881,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349642581,"gmtCreate":1617610480043,"gmtModify":1704700791600,"author":{"id":"3573568310387546","authorId":"3573568310387546","name":"LowZackM","avatar":"https://static.tigerbbs.com/768e9ec80d5d9568297fe487c4b4c95a","vip":1,"crmLevel":3,"crmLevelSwitch":1},"htmlText":"SELL MICROSOFT AND PURCHASE AAPL","listText":"SELL MICROSOFT AND PURCHASE AAPL","text":"SELL MICROSOFT AND PURCHASE AAPL","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349642581","repostId":1110010881,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349655143,"gmtCreate":1617609698782,"gmtModify":1704700778677,"author":{"id":"3573343588645025","authorId":"3573343588645025","name":"KK_SG","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"[財迷]&nbsp;[財迷]&nbsp;","listText":"[財迷]&nbsp;[財迷]&nbsp;","text":"[財迷] [財迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349655143","repostId":1110010881,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":349651726,"gmtCreate":1617609399865,"gmtModify":1704700774762,"author":{"id":"3578917676674127","authorId":"3578917676674127","name":"DJBoy","avatar":"https://static.tigerbbs.com/e89ddb65fea14052b67a417c63273930","vip":1,"hat":"https://static.tigerbbs.com/ae1f49570794979e009a5efdeb6f4789","crmLevel":8,"crmLevelSwitch":1},"htmlText":"Which counter to buy and which counter to sell?","listText":"Which counter to buy and which counter to sell?","text":"Which counter to buy and which counter to sell?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349651726","repostId":1110010881,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349628453,"gmtCreate":1617607818072,"gmtModify":1704700763143,"author":{"id":"3578566071266225","authorId":"3578566071266225","name":"Bentez","avatar":"https://static.tigerbbs.com/c93ad51cf717a4ebcbd8a750e1bb06d7","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349628453","repostId":1110010881,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":349623336,"gmtCreate":1617607461025,"gmtModify":1704700759868,"author":{"id":"3577165274965013","authorId":"3577165274965013","name":"RajBengal","avatar":"https://static.tigerbbs.com/5717bdd287c00be07fb5e4db5198793e","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"The retaliatory measures don't look fair and an unnecessary taxation on some other&nbsp;industrial segment. What's the point in taxing lether as a tit-for-tat tax on digital tax?","listText":"The retaliatory measures don't look fair and an unnecessary taxation on some other&nbsp;industrial segment. What's the point in taxing lether as a tit-for-tat tax on digital tax?","text":"The retaliatory measures don't look fair and an unnecessary taxation on some other industrial segment. What's the point in taxing lether as a tit-for-tat tax on digital tax?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349623336","repostId":1110010881,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":33,"commentSize":10,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1110010881"}