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 Nepal National.

More Information

21 ℃

Light Rain with Thunder in Kathmandu

Business

Section

Wall Street rallies hard, Nasdag gains more than three percent

NEW YORK, New York - Stocks on Wall Street and around the globe rallied hard on Friday pushing the major ...

Detroit automakers tell workers mask wearing now optional

DETROIT, Michigan: Detroit's three big automakers - General Motors, Ford and Chrysler parent Stellantis NV - have announced that wearing ...

Chinese developer says will accept wheat as payment for new house

HONG KONG: To cope with the weakening property market, developers in China are coming up with innovative ways to attract ...

Positive end to week for Asian stocks, Nikkei 225 advances 321 points

SYDNEY, NSW, Australia - Stocks in Asia made solid gains on Friday in a positive end to the week.In Japan, ...

China keeps up with demand for power during ongoing heat wave

BEIJING, China: Amidst warmer-than-normal weather, power consumption surged in the Chinese provinces north of the Yangtze river, with regions such ...

UK government pledges action after inflation rises 9.1% in May

LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...

Southeast Asia

Section