Gov't Aims to Reduce Burden of Global Minimum Tax for Pharma Sector
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The government aims to offer support to pharmaceutical manufacturers to ensure the global minimum tax presents "the smallest possible burden", the Finance Ministry said on Friday, after a decree on modifications to pharma sector taxes was published, state news wire MTI reports.
The ministry said pharmaceutical companies had initiated the modifications in the decree which was issued after negotiations between the government and market players.
The ministry noted that the government had successfully negotiated allowances for accounting a number of tax types, such as the local business tax, in the global minimum tax, saving Hungarian companies an unjustified increase in their tax burden.
"The government has complemented this initiative with the restructuring of the windfall profit tax paid by pharmaceutical manufacturers, allowing it to be accounted in the global minimum tax. The solution will result in neither lost budget revenue nor an increase in the burdens of Hungarian drug makers," the ministry said.
The government remains committed to protecting the competitiveness of the Hungarian economy and supporting pharma sector investments, it added.
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