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 Jamaican Times 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 Jamaican Times.
More InformationBRUSSELS, Belgium: EU tech chief Margrethe Vestager has said that a draft code of conduct on artificial intelligence (AI) could ...
MOSCOW, Russia: After a turbulent 15 months of store closures and declining demand, Russian designers and brands are assisting the ...
WASHINGTON D.C.: The Federal Communications Commission (FCC) has said that more than 8.3 million US homes and businesses do not ...
CHICAGO, Illinois: Driven by an ongoing shortage of properties available on the market, in March US single-family home prices rose ...
MIAMI, Florida: Carnival Cruise Lines has said a cruise ship, the Carnival Sunshine, which sailed through rough seas off the ...
BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...
PYONGYANG, North Korea: North Korea attempt failed to launch a satellite on May 31, which prompted raid sirens and a ...
HONG KONG, China: Describing the lack of women in China's top leadership as concerning, the United Nations has recommended the ...
BEIJING, China: Amid its rivalry with the US for reaching new milestones in space, reflecting their competition for global influence, ...
WASHINGTON D.C.: A Transportation Security Administration (TSA) report released this week revealed that over the Memorial Day weekend, the start ...
KUALA LUMPUR, Malaysia: Malaysia's maritime agency has said that it found a cannon shell believed to be from World War ...
KATHMANDU, Nepal - For the past three days, agitated students and guardians have been protesting against the school administration at ...