U.S, India agree on transitional approach to 'Equalization Levy' 2020

India-US: On the 'Equalization Levy' 2020, India and the US have agreed on a 'transitional strategy.' According to the Ministry of Finance, India and the United States would maintain regular communication to ensure that all parties understand their respective obligations and to work out any remaining differences of opinion via constructive dialogue. The agreement's final terms must be finalised by February 1, 2022.

On October 8, 2021, India and the United States joined 134 other OECD or G20 Inclusive Framework members in signing the 'Statement on a Two-Pillar Solution to Address the Tax Challenges Arise from the Digitalisation of the Economy.'

In addition, on October 21, 2021, the United States, Austria, France, Italy, Spain, and the United Kingdom reached an agreement on a transitional approach to existing "Unilateral Measures" while implementing "Pillar 1."

"The agreement is reflected in the 'October 21 Joint Statement,' which was issued by those six governments on that date." As a result, India and the United States have agreed that the same terms that apply under the 'October 21 Joint Statement' will apply between the two countries when it comes to India's 2 percent equalisation levy on e-commerce services and the United States' trade action in response to the 'Equalisation Levy.'

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