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Economy & Policy

Hungary also joins the global minimum tax

We succeeded in enforcing Hungarian interests in the international negotiations on the global minimum tax, Minister of Finance Mihály Varga said.

As MTI reported, Minister of Finance Mihály Varga stated that the Hungarian position has been consistent from the beginning. The government made it clear that they will only adopt a global minimum tax that does not mean a tax increase in Hungary, does not jeopardize the competitive advantage of the Hungarian economy, and protects the jobs of the Hungarian people, he added.

Listing the government’s three most important achievements regarding this debate, the corporate tax rate will not change, remaining at 9 percent. Also, real economic activity will not be taxed. This means that corporate assets and corporate wage payments will be deductible from the tax rate using a special calculation method, so companies that do not engage in fictitious but actual asset and wage-paying activities will be able to take advantage of this benefit.

The third achievement was a special rate that will apply for a transitional period of 10 years and be calculated with a reduced tax credit, he said. 

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