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Hungary Joins Global Minimum Corporate Tax Deal

MTI-Hungary Today 2021.10.09.

Hungary has succeeded in pushing through its interests at the international talks on the global minimum corporate tax, Finance Minister Mihály Varga said on Friday.

The corporate tax in Hungary will remain 9 percent, Varga said in a Facebook post. The global tax will be collected using “a targeted solution” that takes into consideration genuine economic activity, he said. “That means that corporate assets and payroll costs will be deductible using a special method of calculation, so those companies that are conducting activities with genuine, not fictitious, assets and payroll costs, can avail of a preference,” he explained.

Foreign Minister Sees Hope for Compromise on Global Minimum Tax
Foreign Minister Sees Hope for Compromise on Global Minimum Tax

The global minimum tax was the topic of talks between Szijjártó, and Antony Blinken, the US Secretary of State.Continue reading

Hungary also successfully negotiated a ten-year transition period, the minister added.

“We have achieved serious results, we can easily call this a Hungarian success — we have been right to stand up for our interests,” Varga said.

Featured photo by Tamás Kovács/MTI