{"id":992,"date":"2024-06-28T18:47:20","date_gmt":"2024-06-28T18:47:20","guid":{"rendered":"https:\/\/theeaglenews.in\/?p=992"},"modified":"2024-06-28T18:47:20","modified_gmt":"2024-06-28T18:47:20","slug":"india-and-usa-extend-transitional-approach-on-equalisation-levy-2020-until-june-30-2024","status":"publish","type":"post","link":"https:\/\/theeaglenews.co.in\/?p=992","title":{"rendered":"India and USA extend transitional approach on equalisation levy 2020 until June 30, 2024."},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><h1 dir=\"auto\">\u00a0India and USA extend transitional approach on equalisation levy 2020 until June 30, 2024.<\/h1>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">New Delhi\/Washington DC June 29:<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">In a significant development, India and the United States have agreed to extend the Transitional Approach on Equalisation Levy 2020 until June 30, 2024. This decision comes in the wake of recent international agreements and ongoing negotiations aimed at addressing tax challenges arising from digitalization.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The Transitional Approach, originally agreed upon on November 24, 2021, aligns with the terms set forth in the October 21 Joint Statement, which involves a political compromise among Austria, France, Italy, Spain, the United Kingdom, and the United States. This agreement pertains specifically to India\u2019s imposition of a 2% equalisation levy on e-commerce services and the United States\u2019 corresponding trade actions in response.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The extension follows the decision made by the United States along with Austria, France, Italy, Spain, and the United Kingdom on February 15, 2024, to prolong the validity of the October 21 Joint Statement until the end of June 2024. This move underscores a coordinated effort among major economies to manage the transitional phase while awaiting the implementation of Pillar One under the OECD\/G20 Inclusive Framework.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The OECD\/G20 Inclusive Framework, comprising 137 member jurisdictions including India and the United States, has been actively working towards finalizing a multilateral convention under Pillar One by March 2024. The aim is to facilitate a global consensus on taxing rights related to digital services, thereby mitigating unilateral measures such as India\u2019s equalisation levy.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">In their joint statement, both India and the United States reaffirmed their commitment to constructive dialogue and mutual understanding in addressing tax challenges posed by digital economies. They expressed readiness to resolve outstanding issues through ongoing engagement and cooperation.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">As per the extended agreement, both countries will maintain close communication to ensure alignment with international developments and seek to resolve any emerging issues effectively. This extension provides continuity and stability in the tax treatment of digital services between India and the United States until the end of June 2024, pending further global consensus on Pillar One reforms.<\/div>\n<div dir=\"auto\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0India and USA extend transitional approach on equalisation levy 2020 until June 30, 2024. New Delhi\/Washington DC June 29: In a significant development, India and [&hellip;]<\/p>\n<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" data-url=https:\/\/theeaglenews.co.in\/?p=992><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,3],"tags":[376,375],"class_list":["post-992","post","type-post","status-publish","format-standard","hentry","category-india-news","category-latest-news","tag-376","tag-usaindiatransition-approachequalisation-levyextended-till-june-30"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India and USA extend transitional approach on equalisation levy 2020 until June 30, 2024. - The Eagle News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theeaglenews.co.in\/?p=992\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India and USA extend transitional approach on equalisation levy 2020 until June 30, 2024. - The Eagle News\" \/>\n<meta property=\"og:description\" content=\"\u00a0India and USA extend transitional approach on equalisation levy 2020 until June 30, 2024. 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