Categories: U.S. Treasury

The United States and Turkey Announce Agreement on the Transition from Existing Digital Services Tax to New Multilateral Solution Agreed by the OECD-G20 Inclusive Framework

WASHINGTON – Last month, an historic agreement was reached between 137 countries of the OECD-G20 Inclusive Framework – representing nearly 95% of the world’s GDP – on a two Pillar package of reforms to the international tax framework to be implemented in 2023. 

These reforms will provide for a tax framework that is fairer, more stable, and better equipped to meet the needs of a 21stcentury global economy. 

In support of that agreement, the United States and Turkey have today announced the terms of an agreement on the transition from the existing Turkish Digital Services Tax to the new multilateral solution and have committed to continuing discussions on this matter through constructive dialogue.

This compromise represents a pragmatic solution that helps ensure that countries can focus their collective efforts on the successful implementation of the OECD/G20 Inclusive Framework’s historic agreement on a new multilateral tax regime and allows for the termination of trade measures adopted in response to the Turkish Digital Services Tax.

Overall, this political agreement is yet further demonstration of our commitment to working together to reach consensus, and to deliver far-reaching multilateral reforms that help support our national economies and public finances.

Read the agreement here.
 

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

14 hours ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

23 hours ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

3 days ago

Remarks by Assistant Secretary for Investment Security Paul Rosen at the Third Annual CFIUS Conference

As Prepared for Delivery Good afternoon.  I’d like to start by thanking our panelists today for…

3 days ago

U.S. Department of the Treasury Releases Final Rules to Expand Access to Clean Energy Tax Credits

Final rules will improve access to direct pay for co-owned clean energy projects, helping to…

3 days ago