DAVOS, Switzerland (Reuters) – U.S. Treasury Secretary Steven Mnuchin and his British counterpart Sajid Javid clashed over taxation on Wednesday in a brewing battle over how Europe taxes the world’s biggest technology firms.
U.S. Treasury Secretary Steven Mnuchin attends a session during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2020. REUTERS/Denis Balibouse
Javid said Britain would press ahead with a digital service tax in April even as Mnuchin, sitting feet away on the same stage, said such a move could generate “arbitrary” retaliation.
Several European nations are considering taxes on search engines, social media platforms and online marketplaces to compensate for lost revenues, drawing the ire of the United States which claims that such a tax unfairly targets U.S. firms.
“International tax issues are very complicated and take a long time to look at. If people want to just arbitrarily put taxes on our digital companies, we’ll…
Source Reuters Tech News
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