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10.11 - 18:43
UK agrees to end tax on US tech giants when global deal takes effect
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The UK has agreed to phase out its tax on US tech giants such as Google and Facebook, averting the threat of retaliatory tariffs from the United States.
A deal between the two countries will keep the digital services tax in place until 2023, when it will make way fora newly agreed global tax system.
The UK, US, Austria, Britain, France, Italy and Spain all reached an agreement on Thursday on the transition from national digital services taxes contested by Washington to a new global tax deal.
The agreement was reached after 136 countries agreed on a plan under which large multinational companies pay tax in the countries where they do business, and committed themselves to a minimum 15% corporation tax rate.
The UK’s digital services tax was
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