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Global Minimum Tax Suffers Fresh Setback as EU Fails to Agree on Implementation

A worldwide deal to introduce a minimal tax price on firm earnings hit a recent roadblock Friday after Hungary vetoed a European Union settlement to implement the measure, which can be stalled within the U.S.

The deal to impose a 15% minimal tax on the earnings of enormous firms was agreed by 137 countries in 2021, paving the way in which for essentially the most important overhaul of worldwide tax guidelines in a century. Governments had hoped to implement the adjustments subsequent yr, however mounting opposition in Europe and the U.S. signifies that goal now appears out of attain.

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