Hungary Abstains from Statement on Global Minimum Corporate Tax Rate hungarytoday.hu - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hungarytoday.hu Daily Mail and Mail on Sunday newspapers.
Tens Of Thousands” Of Hungarians Own Crypto Currency, With A Value As High As HUF 300 Billion
14 May 2021 10:57 AM The Hungarian government’s proposed legislation regulating capital gains from crypto currencies and taxing them at a rate of 15% could serve as a paradigm for other policymakers, as well as boosting budget revenue, tax affairs state secretary Norbert Izer said in an interview to Magyar Nemzet.
The government submitted a bill to lawmakers on Tuesday that would reduce the tax on capital gains from cryptocurrencies from 30.5% to 15%. Finance Minister Mihály Varga said the measure could generate “several billion forints” of budget revenue.
State Secy: Hungary Cryptocurrency Provisions Could Serve as Model
The Hungarian government’s proposed legislation regulating capital gains from cryptocurrencies and taxing them at a rate of 15 percent could serve as a paradigm for other policy makers as well as boost budget revenue, tax affairs state secretary Norbert Izer said in Thursday’s issue of daily Magyar Nemzet.
The government submitted a bill to lawmakers on Tuesday that would reduce the tax on capital gains from cryptocurrencies from 30.5 percent to 15 percent. Finance Minister Mihály Varga said the measure could generate “several billion forints” of budget revenue.
Izer told Magyar Nemzet that provisions in the bill would establish a regulatory framework for the clear determination of capital gains on cryptocurrency that is mined or used in transactions.
An effort backed by United States President Joe Biden to introduce a global minimum corporate tax rate is a “violation of financial sovereignty”, state secretary for tax affairs Norbert Izer said in Monday’s issue of pro-government daily Magyar Nemzet.
“The concept violates states’ financial sovereignty and attempts to reverse the progress of those countries that have made serious efforts to introduce lower taxes,” Izer told the paper.
He said an endeavour to coordinate global rules on the taxation of tech giants had “taken a new direction” as the OECD hashes out a plan for a global minimum corporate tax rate.
Márton Jász 2021.04.26.
Over many decades, global companies have perfected the art of tax evasion to the fullest extent possible. It seems that now, global leaders from different countries have had enough of companies playing by their own rules, so under the leadership of Joe Biden, they want to end the heyday of tax havens. EU Commissioner for the Internal Market, Thierry Breton, welcomed the U.S. concept of setting a minimum tax for multinational companies, regardless of the country to which their profits are tied. However, the new economic policy would affect Hungary, where the current level of corporate tax is only 9 percent. Analysis.