U.S. Treasury to end 1979 treaty with global minimum tax holdout Hungary
Written by Black Hot Fire Network on July 9, 2022
WASHINGTON, July 8 (Reuters) - The U.S. Treasury on Friday said it was moving to terminate a 1979 tax treaty with Hungary in the wake of Budapest's decision to block the European Union's implementation of a new, 15% global minimum tax.
A Treasury spokesperson said that since Hungary lowered its corporate tax rate to 9% - less than half the 21% U.S. rate - the tax treaty unilaterally . . .
