WASHINGTON D.C. – National Foreign Trade Council (NFTC) Vice President for Global Trade Policy Tiffany Smith today issued the following statement:
“We are extremely disappointed that Australia has advanced the News Media Bargaining Incentive legislation, a coercive and discriminatory policy that primarily targets large U.S. digital platforms.
“Forcing U.S. companies to allocate a portion of their Australian revenue to subsidize local news outlets or pay a punitive tax can hardly be called an incentive and is more aptly described as a retroactive digital services tax (DST). The proposed legislation makes it more expensive for U.S. companies to do business in Australia and creates a pay-to-play framework, regardless of whether these platforms carry news content.
“This move does not stand alone. It is one of several new and aggressive measures that Australia has taken that deteriorate the country’s business environment at the expense of American firms. NFTC calls on the Australian Government to withdraw this legislation, and we urge the United States Government to continue pushing for the elimination of this and other trade barriers that target and disadvantage U.S. companies. ”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade, tax, national security and supply chain policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses, who account for over $6 trillion in revenue and employ nearly 6 million people in the United States.
