The United States and five European countries have agreed to cancel special taxes on tech giants
The United States and five European countries have agreed to cancel special taxes on tech giants, since the global minimum tax negates the relevance of tax havens, which means that taxes targeting specific companies become unnecessary.
Even before the agreement on the introduction of a single minimum corporate tax of at least 15%, signed recently by almost 140 countries, some European countries have introduced their own taxes on certain types of digital services to increase revenues from tech giants.
These taxes primarily affected large American players such as Google and Facebook, prompting the United States to announce countermeasures against the European companies.
The United States never realized its threat — the agreement with France, Austria, Italy, Spain and Great Britain completely satisfied the American side and representatives of the tech giants themselves. The largest companies in Silicon Valley will continue to pay special taxes until 2023, when the minimum corporate tax officially takes effect, which will be taken into account in future deductions.
