Economy ministry planning ‘innovative’ taxes on tech giants

Budapest, March 10 (MTI) – The economy ministry is planning to introduce “innovative” taxes on global tech giants such as Facebook or Google to enhance the relative competitiveness of Hungarian IT companies, business daily Világgazdaság said on Thursday.

The paper said the ministry wants to take action because multinational tech companies pay minimal tax in Hungary despite their large earnings.

Google and Facebook are estimated to move a total of 20 billion forints (EUR 64.7m) in untaxed profits abroad a year, the paper said.