Hungary is not keen on a global minimum tax because it would undermine European competitiveness, Péter Szijjártó, the foreign minister, said after talks by phone on Wednesday with US Secretary of State Antony Blinken.
Szijjártó said on Facebook that he had told Blinken: “We’re not keen on this idea at all, especially not in its current form or under the current circumstances.” The war is putting the European economy under strain, and
new taxes on producers could prove fatal,
“especially since efforts are under way to introduce them in Europe at the start of next year, while who knows when they’ll be introduced in the rest of the world, if at all,” he said. Szijjártó said he agreed with Blinken to hold further consultations later this week.
Minister of economic development: 80 pc of inflation in Hungary due to global factors
Global factors such as rising energy and grain prices account for 80 percent of Hungarian inflation, Márton Nagy, the minister of economic development, said in a newspaper interview published on Tuesday. Nagy told the daily Magyar Hírlap that recent forint weakening was linked to global developments and could be traced back to the US inflation data released last Friday.
The minister said inflationary tensions were growing, and he also spoke of the risk of a recession.
He noted that bond yields are rising, setting a challenge for the region and southern European states. Much depends on how the war in Ukraine pans out, he said, adding that next year could be tougher than the current one.
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Source: MTI
4 Comments
Mr. Szijjártó claims “European competitiveness” is at stake, due to the 15% corporate minimum tax … Which is interesting, since Hungary (9%) together with Ireland (12.5%) are the only two EU Members with a sub-15% corporate tax rate. The EU average percentage is closer to 21%. Very curious as to who gets to pay more tax to get us out of the current hole?
Oh no….a Super-Power like Hungary is against this, what will the Americans do? they are devastated!
A uniform tax of 15% kills competitiveness. There is no way China, the largest world trader, will agree to this. Why would anyone wish to give China a more favorable trade deal? Was this policy generated to quiet the China deal with Hunter Biden? All policies coming from the US are pro American (as they should be) but they are usually detrimental to the rest of the world.
ANOTHER case of Brand name Hungary – getting its IMAGE tarnished.
Could be the case of WIDENING – U.S.A and Hungarys – Indifferences.
Relationships with the U.S.A. – we know are at breaking point.
Hungary – any unfounded objection to proposals and ideas put forward by the U.S.A. – that are not of FACT, just deepens the widening gap Hungary has created for it-self with the U.S.A.
We know – who the Winner will be.