Hungary raised objections over the implementation of a global minimum tax in the European Union on Tuesday, saying it can only support a proposal that does not disadvantage firms operating in Hungary, and citing additional risks due to the Ukraine war, Reuters reported. Nearly 140 countries reached a two-track deal in October brokered by the Organisation for Economic Cooperation and Development (OECD) on a minimum tax rate of 15% on multinationals. The agreement would make it harder for companies such as Alphabet's Google, Amazon and Meta's Facebook to avoid tax by booking profits in low-tax jurisdictions. Individual countries must now hammer out details on how the deal will be implemented ahead of a 2023 OECD deadline. France, which holds the EU's rotating six-month presidency, has pushed for a quick implementation in the 27-nation bloc, where tax issues require unanimous approval.
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