Hungary drops veto to pave way for landmark EU bloc 15% corporation tax

The European Union made a landmark breakthrough late evening on 12 December to implement a 15% minimum taxation rate for large companies across the bloc after Hungary dropped its veto.  The ambassadors of the 27 member states agreed to implement the minimum taxation part of the international reforms agreed by the OECD, which is known as Pillar 2, by the end of 2023. This involves setting a minimum rate of 15 per cent tax for multinational and domestic groups or companies with a combined annual turnover of at least €750 million. "I am very pleased to announce that we agreed to adopt...