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US to Scrap Hungary Tax Treaty Amid Global-Deal Resistance (1)

July 9, 2022, 8:40 AM

The US Treasury Department said Friday it would end a 43-year-old tax treaty with Hungary amid the European nation’s opposition to a global corporate-tax overhaul championed by Secretary Janet Yellen.

The benefits of the pact are no longer reciprocal, Treasury said in a statement. The US has long held concerns with Hungary’s tax system and the bilateral treaty, it said.

The department in its statement didn’t mention the global tax accord that nations around the world are trying to implement following approval of a framework last year. Hungary has blocked EU-wide adoption of the 15% global minimum tax that ...