If there's one sector that doesn't seem to be struggling, it's the market for counterfeit goods with Rolex, Louis Vuitton and Gucci featuring among the brands whose counterfeits are the most popular online.
A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though many have agreed to overhaul the way multinationals are taxed.
A digital levy to be proposed by the European Commission in the coming weeks to fund its recovery from the COVID-19 pandemic will apply to hundreds of companies, the majority European, its executive vice-president said.
The US on Wednesday announced 25% tariffs on over $2 billion worth of imports from six countries over their digital services taxes, but immediately suspended the duties to allow time for international tax negotiations.
The European Commission wants to propose in 2023 a more unified way of taxing companies in the European Union, hoping that such rules will stand a better chance if they follow global OECD solutions expected this year.
Amazon on Thursday won its fight against an EU order to pay about €250M in back taxes to Luxembourg as Europe's second highest court dealt a blow to the bloc's crackdown against unfair tax deals for multinationals.
US Trade Representative Katherine Tai has said she was maintaining the threat of US tariffs on goods from Austria, Britain, India, Italy, Spain and Turkey in retaliation for their digital services taxes.