Robert Besser
19 Jun 2022, 17:45 GMT+10
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.
Get a daily dose of Nepal National news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Nepal National.
More InformationNEW YORK, New York - Stocks on Wall Street and around the globe rallied hard on Friday pushing the major ...
DETROIT, Michigan: Detroit's three big automakers - General Motors, Ford and Chrysler parent Stellantis NV - have announced that wearing ...
HONG KONG: To cope with the weakening property market, developers in China are coming up with innovative ways to attract ...
SYDNEY, NSW, Australia - Stocks in Asia made solid gains on Friday in a positive end to the week.In Japan, ...
BEIJING, China: Amidst warmer-than-normal weather, power consumption surged in the Chinese provinces north of the Yangtze river, with regions such ...
LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...
NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...
NEW DELHI, India: Industry sources have said that Air India is in talks with Airbus and Boeing for the possible ...
SHAN STATE, Myanmar - According to local sources, the vice-chair of a local branch of the Union Solidarity and Development ...
ISLAMABAD, Pakistan - The incumbent rulers should be imprisoned for "shamelessly" amending the National Accountability Bureau (NAB) laws, according to ...
KATHMANDU, Nepal - The Airlines Operators Association Nepal, an umbrella organization for private airlines, threatened to halt all services beginning ...
WASHINGTON D.C.: The U.S. State Department has called upon Vietnam to release environmental advocate Nguy Thi Khanh, adding that the ...