The tax rate change has been bundled into his Build Back Better Act, which includes funding for social security and battling the climate emergency. Hungary and Estonia have raised concerns about the minimum rate in recent months. Hungary has a corporate tax rate of 9% and is at odds with the European Commission over its failure to sign off plans for spending billions of euros in recovery funds. The Estonian government has raised concerns about the impact of the minimum rate on its attractiveness to foreign direct investment. “Today’s EU tax package is a Christmas present to all the multinational corporations that will be able to continue paying very low taxes.”

Source: The Guardian December 23, 2021 03:04 UTC