Sumary of UPDATE 1-After G20 endorses tax deal, Italy says its digital levy could stay for two more years:
- By David Lawder, Gavin Jones3 Min ReadWASHINGTON/ROME (Reuters) – G20 finance leaders on Wednesday endorsed a global tax deal that calls for the elimination of unilateral digital services taxes, but Italy’s economy minister said it may take up to two years to eliminate the digital levy imposed by Rome.
- Italian Economy Minister Daniele Franco said after chairing the G20 meeting that Rome would remove its digital tax by 2024 in line with the OECD deal to impose a 15% minimum corporate tax and partly redistribute taxing rights on large, highly profitable multinationals.
- Franco said national digital taxes were always “suboptimal solutions” and that he expected other countries would take the same line as Italy in canceling them.
- 28.Franco said Italy is currently collecting about 250 million euros ($290 million) annually in digital taxes, which are based on the revenues of digital services sold in the country.