Minimum tax on multinationals, another EU black smoke: Hungary vetoes after Brussels froze its money

“Exchange” with the green light for recovery plan subordinate PolandWhich in April prevented the agreement, was not enough. This timeHungary By Victor Urban, whose money remained prevented. Developed Budapest veto. The result: the EU failed once again in its attempt to agree to an already weak union Minimum tax for multinational corporations. French Economy Minister Bruno Le Mer keep showing off optimism On the possibility of reaching an agreement by the end of the month in which the term of his country’s presidency expires. But, despite the proposed bearish concessions, we are now in The third rejection Ecofin and a year have passed since then st 7 Who triumphantly refused to agree torate 15% – very little compared to what any employee pays – and on the redistribution of the “right to tax” a portion of the profits among all the countries in which the multinational operates.

Hungarian Finance Minister, Mihaly VargaHe justified the refusal by saying that at this point he is “the grave.” war In progress in Europe “and the subsequent economic shock, combined with global supply chain bottlenecks”, the introduction of a global minimum tax would lead to heavy damage for the EU economy.” After the latter elections He added that the Hungarians in the national parliament are “increasing critical voices against this agreement.” Le Maire reiterated that according to Brussels estimates, the directive will lead Benefits For the entire continent’s economy, all technical obstacles to its unanimous approval have been removed. Not only that: Budapest voiced its support for the OECD agreement even after the outbreak of war in Ukraine, he recalls. But in the middle were exactly the jars that Urban saw Reaffirmed by a large majority And strengthened in its sovereign positions and public defiance of the union.

Once again, the veto became a weapon of extortion to get something in return. Obviously, the minimum tax in itself has little to do with it. Two months ago, Paris actually proposed a file Postponed until the end of 2023 For the entry into force of the “first pillar” of the agreement, which relates to the redistribution of the right to tax. He has also agreed that countries hosting no more than a dozen parent companies – those that will be required to pay the difference between 15% and the nationally applicable rate – can wait. Until 2025.

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