© Reuters. Hungarian Prime Minister Viktor Orban addresses a business conference in Budapest, Hungary, June 9, 2021. REUTERS/Bernadett Szabo
BUDAPEST (Reuters) – Hungarian Prime Minister Viktor Orban said on Wednesday a proposed global minimum corporate tax is “absurd” and his government would need to consider contingency plans if the initiative goes through.
The Organization for Economic Cooperation and Development (OECD) has been coordinating negotiations among 140 countries for years on rules for taxing cross-border digital services and curbing tax base erosion.
A global corporate minimum tax is one of the major tools under consideration.
Finance ministers from the Group of Seven (G7) rich nations reached a landmark accord last week backing the creation of a global minimum corporate tax rate of at least 15%, a deal that could then form the basis of a worldwide accord.
Orban said his government opposed the move as it went against efforts to attract foreign investment with low taxes.
Hungary’s 9% corporate tax rate is among the lowest in...read more...