Hungary 'not at all enthusiastic' about global min corp tax - Szijjártó

World

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Minister of Foreign Affairs and Trade Péter Szijjártó told his U.S. counterpart Antony Blinken that Hungary is not keen on the initiative to adopt the OECD's global minimum tax on corporate profit under the current circumstances on a phone call late Tuesday, according to a report by state news wire MTI.

"I told him that we are not at all enthusiastic about the idea [of the global minimum tax], especially not in its current form, and clearly not under the current circumstances," Szijjártó said in a post on Facebook.

He warned that the global minimum profit tax could be "the final blow" for producers amid the challenges the war in Ukraine poses to the European economy.

He pointed to efforts to introduce the minimum tax in Europe from the beginning of 2023, "while the rollout in the rest of the world would happen who knows when, if ever".

"This would be a low blow to European competitiveness, one that would be better to avoid," he added.

After the phone call, which lasted about 15 minutes, Szijjártó said the sides agreed to speak again during the week.

A compromise, backed by Hungary, was reached in the autumn on the OECD's initiative to introduce a 15% global minimum corporate profit tax.

Earlier in the week, Erik Bánki, an MP of governing Fidesz, said parliament's Economy Committee would draft a resolution opposing an EU directive on introducing the global minimum corporate profit tax.

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