Varga in Talks With Big Firms on Global Min Corporate Tax Rate

Government

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Finance Minister Mihály Varga has initiated talks with the heads of big Hungarian companies on the transposition of a European Union directive on the OECD's global minimum corporate tax rate, his ministry said on Monday, according to a report by state news wire MTI.

"The government aims to preserve the competitiveness of the Hungarian tax system in spite of the global minimum tax rate, and ensure Hungarian companies continue to pay one of the lowest public burdens in Europe," the ministry said.

"Hungarian regulations on the global minimum corporate tax rate will be drafted in a manner that keeps the local tax environment attractive for businesses," it added.

The Finance Ministry said it would take into consideration business leaders' recommendations when drafting the detailed regulation.

The bill on the transposition will be submitted to lawmakers during the fall session, it added.

Hungary must transpose the EU directive on the tax rate by January 1, 2024.

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