Hungary has blocked an EU directive that would impose a 15% minimum tax on multinational corporations, arguing the levy would deal a “low blow” to European competitiveness and endanger jobs.

The levy would apply to large companies with annual revenue exceeding €750 million.

The tax reform is part of a global deal achieved last year by the Organisation for Economic Co-operation and Development.

It has been endorsed by 136 countries representing more than 90% of the global GDP.

The EU also has to negotiate the second element of the global reform.

A regime to reallocate taxing rights from the country where the multinationals have their headquarters.

–Reuters