Biden wants to raise taxes in Hungary too

The US President is pushing for a global minimum corporate tax; the development of this new set of rules has been ongoing within the OECD for some time. The idea violates the financial sovereignty of states and seeks to hold back the growth of countries that have made serious efforts to introduce lower taxes – Norbert Izer, State Secretary for Tax Affairs, told our paper.

U.S. President-elect Joe Biden introduces key members of his White House science team at his transition headquarters in Wilmington, Delaware, U.S., January 16, 2021 REUTERS/Kevin Lamarque - RC279L9TUUHP Fotó: Kevin Lamarque

In practice, this would mean that countries that have introduced lower taxes through years of hard work and progress in economic whitening will lose their advantage over countries that are not offering tax cuts.

In reality, the global minimum tax is good for removing renitent governments. This idea which stretches from Biden to Gyurcsány is documented in our opinion piece.

“From this point of view, the idea is unfair and tries to set back states such as Hungary”

summarized the State Secretary. The Hungarian government’s position in this matter is that all nations should be given the widest possible room for maneuver, and financial sovereignty must continue to extend to the most basic elements of tax systems.

Norbert Izer concluded: the implementation of the minimum tax plan will definitely be time-consuming and for certain,

a serious struggle for our rights can be expected.