The Treasury Department announced that it is terminating its tax treaty with Hungary, the sole European Union member that has defied U.S. and EU calls to agree to a global corporate minimum tax.
The move was announced on Friday, with the Treasury asserting that the treaty in its current iteration offers little return for U.S. business and investment in Hungary and that the tax benefits are no longer reciprocal.
Hungary said it is not ready to move forward with the plan on Friday. Because the EU requires unanimity among all member countries to change EU tax policy, Hungary’s veto effectively blocks the measure from moving forward. Treasury analysis found that the treaty’s benefits now just unilaterally benefit Hungary. The U.S. is in the process of sending over the notice of treaty termination, after which the treaty will be ended following a six-month period.
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