Hungary Passes Global Minimum Tax Updates, Reporting Rules

The Hungarian parliament passed two bills Tuesday implementing wide-ranging tax changes and information reporting standards.

The bills update the country’s global minimum tax rules, maintain suspension of a turnover-based advertising tax until June 30, 2026, and implement EU transparency rules concerning crypto assets, among other changes.

The global minimum tax seeks to levy large corporate groups’ revenue at least 15% and is half of a global tax deal negotiated at the Organization for Economic Cooperation and Development.

The revised global minimum tax rules expand the transitional country-by-country reporting safe harbor by introducing a simplified covered tax concept, ...