Friday, 03 December 2021 04:22 GMT

Turkey-USA sign fresh deal on shift to OECD-G20 outline


(MENAFN) On Monday, Nov. 22 America and Turkey declared a shared deal relating to the shift from current Digital Services Tax to a fresh many-sided solution confirmed by the OECD-G20 comprehensive work outline.

The step happens during the historic deal which was agreed upon in October among 137 nations of the OECD-G20 comprehensive work outline, which shows approximately 95 percent of the gross domestic product in the world on a two-pillar collection of adjustments to the global tax outline to be applied in 2023.

The US Treasury Department reported in an announcement, “These reforms will provide for a tax framework that is fairer, more stable, and better equipped to meet the needs of a 21st century global economy.”

It further said, “This compromise represents a pragmatic solution that helps ensure that countries can focus their collective efforts on the successful implementation of the OECD/G20 Inclusive Framework’s historic agreement on a new multilateral tax regime and allows for the termination of trade measures adopted in response to the Turkish Digital Services Tax.”


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