An effort backed by US President Joe Biden to introduce a global minimum corporate tax rate is a “violation of financial sovereignty”, state secretary for tax affairs Norbert Izer said in Monday’s issue of daily Magyar Nemzet. “The concept violates states’ financial sovereignty and attempts to reverse the progress of those countries that have made serious efforts to introduce lower taxes,” Izer told the paper. He said an endeavour to coordinate global rules on the taxation of tech giants had “taken a new direction” as the OECD hashes out a plan for a global minimum corporate tax rate. He noted that Hungary’s 9% corporate tax rate is the lowest in the European Union and added that EU organisations – not the OECD – decide what rules apply in the area of the EU. “Hungary will not consent to any solution that makes life more difficult for local businesses or reduces the financial sovereignty of the Hungarian state,” Izer said.