Official announcements from the U.S. Treasury or Indian Ministry of Finance

India, US Extend Standstill Agreement on Digital Services Tax, Boosting $200 Billion Bilateral Trade

Jun 28, 2024, 10:10 PM

India and the United States have extended a standstill agreement on the U.S. retaliation over India's digital-services tax until Sunday, June 30, 2024. This extension, part of the Transitional Approach on Equalisation Levy 2020, aims to provide more time for both nations to resolve issues related to the digital tax. The agreement seeks to ensure a common understanding of the respective commitments and to maintain close contact between the two countries. The U.S. Treasury announced the extension on Friday, highlighting America's push for a minimum corporate income tax of 15% on multinationals, particularly targeting big tech companies.