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European countries concede to American demands over digital tax: Report

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In the stalemate between the US and four European nations over taxing technology companies according to the size of their presence in each country, Europe blinked first. France, UK, Spain and Italy have offered to limit the scope of their proposed digital taxes after the US threatened to hit the countries with tariffs if they went ahead with their taxes, Bloomberg News reported. The four countries allegedly wrote a letter to US Treasury Secretary Steve Mnuchin, offering to implement a phased approach that would initially only include automated digital service companies. The European leaders still aim to overhaul the global digital tax regime within this year. This is a major concession and proves that Uncle Sam’s economic threats work, at least on European nations. Last week, when the US had suspended talks with European countries on digital taxation and threatened…

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