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Global minimum tax threatens to fail – even in US macro markets

Things are not looking good for global minimum taxes. Last Friday, the Hungarian government vetoed the EU plan. But it is not just that the largest project in international tax law faces resistance. It can also fail in the United States. If the tax isn’t passed this summer, it won’t be a problem for at least the next two years.

Last fall, 137 countries agreed to impose a global minimum tax of 15% on profits of multinational companies with sales of more than 750 million euros. In addition, companies with sales of more than 20 billion euros and profitability of more than 10% must pay more taxes where sales actually occur and less than that where the headquarters are. The project was originally intended to serve as a digital tax utility for more efficient taxation of Amazon and Alphabet & Co. Switzerland is involved in the project, and about two hundred companies in the country are affected.

Hungary opposes

Now the reform will only have to be rolled out into national law before it takes effect in 2024. But meeting that deadline looks increasingly unlikely. In the European Union, Poland was the first to report his concerns. Nevertheless, the French presidency of the European Union managed to persuade the country – with the support of US Treasury Secretary Janet Yellen and with the use of $35.4 billion in credits and loans, to officially overcome the pandemic.