White House Plan for Global Minimum Tax ‘Unfair,’ Hungary Says

Hungary’s economic development is under threat from the global minimum corporate income tax rate endorsed by the White House, the Finance Ministry said Monday in a strongly worded statement.

Such a policy would mean the countries that have introduced low taxes through hard work and economic reform “will lose their advantage over countries that are not on the path to tax cuts,” the Finance Ministry said in a media release titled “Joe Biden Would Raise Taxes With Us Too.”

The idea of a minimum tax on multinational companies is currently under discussion by nearly 140 countries at the OECD. It ...