NEW:
US Trade Rep launches Section 301 investigation into UK tech tax” among other digital services taxes to determine if unreasonable, discriminatory, or restrictive of US commerce... start of process that could lead to punitive tariffs (eg with France)
ustr.gov/sites/default/…
US Trade Rep launches Section 301 investigation into UK tech tax” among other digital services taxes to determine if unreasonable, discriminatory, or restrictive of US commerce... start of process that could lead to punitive tariffs (eg with France)
ustr.gov/sites/default/…
HM Treasury responds: “always been clear that our preference is for a global solution”
The strange thing here was that this was all supposed to be on hold while oecd searches for global solution... but follows on from Davos where US Treasury Sec suggested tariffs on car companies if UK levied a DST with then Chancellor next to him...
This was how mnuchin put it - said Trump would talk directly to PM about it....
Obviously even stranger at a time when US and UK are trying to negotiate some type of trade deal, at speed... last years leaked preparations for us trade negotiations showed uk officials were anticipating it being raised ....
UK public finances stats showed that the tax has raised £29m in April, first month of operation.. so it is already in operation...
