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

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A global deal to introduce a minimum tax rate on company profits hit a fresh roadblock Friday after Hungary vetoed a European Union agreement to implement the measure, which is also stalled in the U.S.The deal to impose a 15% minimum tax on the profits of large corporations was agreed by 137 countries in 2021, paving the way for the most significant overhaul of international tax rules in a century.

Governments had hoped to implement the changes next year, but mounting opposition in Europe and the U.S. means that target now seems out of reach.

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