G20 finance leaders on Wednesday endorsed a global tax deal that calls for the elimination of unilateral digital services taxes, but Italy's economy minister said it may take up to two years to eliminate the digital levy imposed by Rome.
, but immediately suspended them to allow for negotiations on the global tax deal. The suspensions expire on Nov. 28.
He said Italy would collect at least as much revenue from the new tax arrangement, which allows market countries taxing rights on a share of 25% of the profits above a 10% margin based on the local sales of companies with more than $20 billion in revenues.
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