Hungary will not give up even a crumb of its financial sovereignty, and since the Biden tax would cause serious damage to the domestic economy, businesses and people, it rejects it, said András Tállai, State Secretary of the Ministry of Finance, in a statement to the Mediaworks News Center.
The essence of the new public burden is that under the umbrella of the Organization for Economic Co-operation and Development, i.e. the OECD, the rate of corporate tax would be standardized at the international level, setting a minimum rate, for example 15 percent. The idea would essentially eliminate the international tax competition for investments by requiring multinational corporations to pay this amount anyway. Since one of the main advocates of the minimum tax is the American president, many people call the public burden the Biden tax.
András Tállai pointed out: Hungary currently collects the lowest corporate tax in the European Union, and the nine percent rate has been a perceptible advantage in the competition for international investments in recent years. He put it this way: voluntarily and singing, we will not let this advantage out of our hands.
The state secretary recalled that the tax policy took a new direction after the change of government in 2010. At that time , the decision was not made to tax the population and smaller companies, but rather that banks, telecommunications companies, energy companies and retail supermarket chains should temporarily contribute a larger amount to bear the common burden in the form of special taxes.
Source: 888.huz
(Header image: PestiSrácok)
