EU plans to collect minimum corporate tax blocked by Hungary

Tue, 05 Jul 2022

EU plans to collect minimum corporate tax blocked by Hungary

Robert Besser
19 Jun 2022, 17:45 GMT+10

Hungary has blocked a global agreement on imposing a minimum corporate tax rate earlier proposed by the Organization for Economic Co-operation and Development
Budapest's move to oppose the proposal, which is supported by more than 100 countries, could potentially force European Union finance ministers to delay a vote planned to include it in EU law
One of the diplomats added that after Poland dropped its opposition to the agreement, Hungary emerged as a last-minute hurdle

BRUSSELS, Belgium: Hungary has blocked a global agreement on imposing a minimum corporate tax rate earlier proposed by the Organization for Economic Co-operation and Development (OECD).

Budapest's move to oppose the proposal, which is supported by more than 100 countries, could potentially force European Union finance ministers to delay a vote planned to include it in EU law.

One of the diplomats added that after Poland dropped its opposition to the agreement, Hungary emerged as a last-minute hurdle, while a second diplomat said that a deal was now unlikely, but a public debate on the tax was still on the agenda for the upcoming meeting of EU finance ministers.

Hungary and Poland have been in conflict with the European Commission, which has delayed the release of COVID-19 recovery funds over concerns about their stances on various EU values, such as the rule of law.

While the commission approved funds for Poland two weeks ago, on the condition that the country's government reform its judiciary, recovery fund money for Hungary has not been approved.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Northern Ireland News.

More Information

12 ℃

Light Rain in Belfast/City

United Kingdom

Section

UK parliament tells members to leave babies at home

LONDON, England: A UK parliamentary committee has told lawmakers that they may not bring babies to parliamentary proceedings and debates.The ...

Saying pricing unfair, UK's Tesco pulls some Heinz Kraft products

LONDON, England: US food company Kraft Heinz has pulled some of its products from Tesco, the UK's largest supermarket group, ...

Brexit seen as driving force behind Scotland independence vote

LONDON, England: A second referendum on Scottish independence is set to be held in October 2023. The Scottish government, led ...

How Australia's gig workers may remain contractors under Labor's reforms

Uber Australia's historic agreement with the Transport Workers' Union, on the need to regulate the gig economy, is the first ...

We could have done better as batting unit, put England out of the game: Vikram Rathour

Birmingham [UK], July 5 (ANI): After a disappointing Day four with bat and ball against the hosts, Indian batting coach ...

ENG vs IND: Root-Bairstow continue red-hot form, hosts need 119 runs to win on final day (Day 4, Stumps)

Birmingham [UK], July 4 (ANI): A 150-run stand between Jonny Bairstow and Joe Root helped turn things in favour of ...

International

Section

Rescuers find 3 alive, 27 missing after boat sinks off Hong Kong

HONG KONG: An engineering vessel with 30 people on board went missing 200 miles off Hong Kong after it snapped ...

As Covid cases rise in France, no return to mandatory restrictions

NICE, France -As some 1,000 Frenchmen are being hospitalized daily with Covid infections, French officials have "invited" or "recommended" the ...

In "geopolitical signal," UE, New Zealand sign free trade pact

BRUSSELS, Belgium: Negotiations on a free trade agreement between the European Union and New Zealand ended successfully this week, paving ...

After shark kills swimmer, Egyptian authorities close Red Sea beach

CAIRO, Egypt: Egyptian authorities have prohibited swimming in a stretch of the Red Sea after an Australian woman was killed ...

US flight attendant to mark 65 years serving air passengers

NEW YORK CITY, New York: Bette Nash, age 86, has been named the longest serving flight attendant in the world, ...

UK parliament tells members to leave babies at home

LONDON, England: A UK parliamentary committee has told lawmakers that they may not bring babies to parliamentary proceedings and debates.The ...

Movie Review

The Asphalt Jungle

Asphalt Jungle