Hungary Blocks EU Deal On 15% Minimum Corporate Tax
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.