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Date: 01/07/2024

Equalisation levy pact extended by US, India

India and the United States have extended the validity of an agreement that allows New Delhi to levy a 2% tax on US digital service providers till June 30, 2024, said the Finance Ministry. The tax, known as the equalisation levy, allows India to tax the e-commerce supply of services from American companies, such as Apple, Netflix and others. The agreement, rather a joint statement, has been extended as no consensus has been reached yet on the Pillar 1 tax package. Originally signed in 2021 between India and the US, the statement intended to give India the right to impose the equalisation levy on American digital service providers until Pillar 1 is implemented. The Pillar 1 tax regime is part of the OECD BEPS framework, signed by over 130 countries, which aims to levy a tax on the digital economy, as per a report.
 
Source: Exim News Service: Washington/New Delhi, June 30



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