On 12 December 2022, the EU Member States have reached a unanimous agreement to implement the Directive on the global minimum taxation and advised the European Council to launch the formal adoption of the relevant Directive.
The Directive has to be transposed into member states’ national law by the end of 2023. From a Hungarian perspective, a significant development is that the scope of covered taxes for the purposes of the global minimum tax will likely include local business tax besides corporate income tax (resulting in a higher effective tax rate for Hungary and potentially lower top-up tax payable, if any). For more details on global minimum tax, please see our newsletter dated 10 March 2022.
Should you have any questions in relation to the above topic or any other tax related matter, please contact our tax advisors:
Managing Director, Tax Partner
This newsletter provides only high-level information and insufficient for tax advisory purposes. We reserve the right to change the information and opinions presented thereof, without prior notification. Neither PKF nor its partners and employees are responsible for the completeness and accuracy of the newsletter nor for any damages resulting from actions and inactions established thereon.
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