Hungary’s opposition to global minimum tax has implications for Biden administration

As previously reported, there have been several political discussions since the EU Commission’s proposal for implementing Pillar Two within the EU. Initially, Poland was not prepared to approve the proposed rules with reference to the on-going work on Pillar One. However, Poland has now stated that it is ready to approve the proposal – but now Hungary opposes the rules. The inability to reach consensus may now also have implications outside of the EU, as there are concerns in e.g., the US regarding implementing the Pillar Two rules before other major countries. Further commentary on Hungary’s recent opposition – including potential US implications – is discussed in this article from Deloitte tax@hand prepared by Deloitte US.