EU to combat taxation ‘race to the bottom’ with 15% rate for big companies

Officials confident draft law will secure unanimity, despite concerns from Hungary and Estonia

The EU has taken a first step in setting a 15% minimum corporate tax for multinationals, in line with a global agreement struck earlier this year, as the White House has hit a hurdle in its efforts to turn the pact into law.

Announcing the launch of a new EU tax directive, Paolo Gentiloni, commissioner for the economy, said he expected the 27 member states to agree on the fine details within six months despite concerns held in some European capitals.