The EU is failing to reach an agreement on corporate tax reform.  Hungary opposes

“Hungary cannot support the adoption of the Global Minimum Tax Directive at this stage,” Varga told finance ministers at a public session of a meeting, according to Reuters.

He added: “The work is not ready. I think we need to keep working to find a solution.”

French Finance Minister Bruno Le Maire, who made the tax deal a key goal of the six-month French EU presidency, which will end in two weeks, did not hide his disappointment, but urged ministers to continue. to reach an agreement at a later stage.

At the meeting, Polish Finance Minister Magdalena Rzeczkowska formally renounced her opposition to the agreement.

EU negotiations were set to turn into a comprehensive corporate tax reform, which was agreed in October last year by nearly 140 countries.

Le Maire said all technical issues had been resolved a long time ago, suggesting the blockade was due to political concerns.

Poland and Hungary have been in conflict with the European Commission, which has blocked their receipt of COVID-19 recovery funds due to questions about their position on the rule of law and other EU values.

In early June, the Commission approved payments to Poland, while EU recovery funds for Hungary remain frozen.

The revision set a global minimum profit tax of 15% for large multinationals and gave other countries a higher share of the profit tax of major US digital groups such as Apple Inc. and Google.

The reform was originally scheduled to be implemented in 2023, but its implementation has now been effectively postponed until 2024.

The Biden administration is also struggling to pass legislation to implement the Global Minimum Tax Agreement.

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