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Hungary blocks EU deal on 15% minimum corporate tax

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Hungary blocks EU deal on 15% minimum corporate tax

Hungary has blocked an EU directive that will impose a 15% minimal tax on multinational firms, arguing the levy would deal a “low blow” to European competitiveness and endanger jobs.

The levy would apply to giant corporations with annual income exceeding €750 million.

The tax reform is a part of a world deal achieved final 12 months on the Organisation for Financial Co-operation and Improvement (OECD). It has been endorsed by 136 nations representing greater than 90% of world GDP.

The coronavirus pandemic injected momentum into the talks as governments around the globe scrambled for methods to spice up their fiscal revenues and finance the pricey restoration.

The reform is estimated to generate over €140 billion in further revenue for public coffers yearly.

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The OECD deal must be transposed into EU regulation by a directive in order to grow to be efficient throughout the bloc. However tax issues are one of many few coverage areas the place unanimity is required, making it attainable for a single nation to paralyse your entire settlement.

“Europe is in deep sufficient bother with out the worldwide minimal tax,” Hungarian Overseas Minister Péter Szijjártó mentioned this week. “We’re not supporting a hike in taxes for Hungarian corporations and we’re not prepared to place jobs in peril.”

Szijjártó additionally informed US Secretary of State Antony Blinken that the 15% tax would “imply one other low blow for European competitiveness” within the midst of the Ukraine warfare, even when the deal is supposed to be utilized on the world degree, not completely to Europe.

Hungary presently provides a 9% company tax fee, the bottom throughout the European Union.

Hungary, Estonia and Eire have been initially opposed to the OECD deal, which goals to revive a degree enjoying subject amongst nations after years of competing towards one another in what has been described as a “race to the underside” of tax charges.

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The three nations later secured ensures to mitigate their considerations, together with a prolonged 10-year transitional interval. The antagonism then shifted to Poland, however the authorities just lately relented after its long-stalled restoration plan was endorsed by the European Fee.

Hungary’s restoration plan stays blocked over considerations associated to corruption, cronyism and fraud.

‘Indispensable to do away with unanimity’

Nationwide ministers have been taken unexpectedly this week when Hungary introduced again its opposition to the deal, one of many essential priorities of the French presidency of the EU Council. 

French Finance Minister Bruno Le Maire was decided to deliver all of the 27 member states on board throughout a high-stakes assembly on Friday, however his push was thwarted by the “no” of the Hungarian consultant.

“Poland has agreed to the adoption of this directive. However, on the similar time, there was a setback as a result of Hungary refused to simply accept [the deal],” Le Maire mentioned on the finish of the ministerial assembly.

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“There’s progress and there are setbacks,” he added. “That is the attraction of negotiations.”

Le Maire described the tax deal as a “main textual content” that ensures “extra justice and effectivity” in taxation.

“We’ve got to attract conclusions from these marathon discussions,” Le Maire mentioned. “It’s indispensable to do away with unanimity in tax issues and transfer to certified majority and provides the EU extra clout.”

“We’re nonetheless lacking one member state from unanimity,” mentioned Paolo Gentiloni, European Commissioner for the economic system, talking subsequent to the minister. “If we wished a case historical past that unanimity is an issue in lots of circumstances, this case historical past is right here. It is tough to have a clearer one.”

The French presidency had hoped Friday’s assembly may very well be the possibility to formally endorse the directive and procure a political victory for President Emmanuel Macron. The presidency is ready to finish on 30 June, however Le Maire confused he was resolved to attain a breakthrough earlier than then.

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Budapest even pushed to exclude the merchandise from Friday’s agenda, Euronews has discovered, however his request was not accepted, forcing a debate between member states.

“This veto has nothing to do with the [deal] or its technical points,” mentioned Le Maire. “There’s nothing to justify this veto. Hungary had already agreed to this. It was a shock.”

The Czech Republic is ready to take over the EU Council’s rotating presidency on 1 July and will probably be tasked with bringing the discussions to a profitable conclusion.

The OECD desires the brand new company tax to be efficient from 2023 onwards.

The EU additionally has to barter the second ingredient of the worldwide reform: a regime to re-allocate taxing rights from the nation the place the multinationals have their headquarters – for instance, Eire – to the nations the place the enterprise exercise is bodily carried out.

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Mikko Rantanen has a goal and 2 assists for Stars in 5-2 win over Jets to take a 2-1 series lead

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Mikko Rantanen has a goal and 2 assists for Stars in 5-2 win over Jets to take a 2-1 series lead

DALLAS (AP) — Mikko Rantanen had a goal and two assists, including on the tiebreaking goal by Alexander Petrovic that was finally confirmed after a lengthy review as the Dallas Stars beat the Winnipeg Jets 5-2 on Sunday to take 2-1 lead in the second-round Western Conference series.

Officials reviewed Petrovic’s goal for well over five minutes and while determining there was a kicking motion, the goal was good after the puck went off goalie Connor Hellebuyck’s stick and into the net with 16:09 left. That all came off the rebound of the initial a shot by Rantanen, who 49 seconds after play resumed scored his ninth goal of the playoffs — all coming in the last six games.

Game 4 is Tuesday night in Dallas.

Roope Hintz had a goal and an assist for the Stars, and Wyatt Johnston added a late goal. Sam Steel and Mikael Granlund each had two assists.

Rantanen, who has 18 points this postseason, had the primary assist on a power-play goal by Hintz only 2:27 in for a 1-0 lead. When Dallas scored again late in the first period for a 2-1 lead, Rantanen was on the ice for defenseman Thomas Harley’s goal, but the assists went to Granlund and Steel.

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That ended Rantanen’s NHL playoffs-record streak of consecutive goals involved in at 13 in a row for the Stars since Game 5 of their first-round series against Colorado.

Stars goalie Jake Oettinger stopped 23 shots. Hellebuyck, the odds-on favorite to win his third Vezina Trophy as the league’s best goalie, and also among three finalists for the Hart Trophy that goes to the MVP of the NHL regular season, dropped to 0-4 in road games this postseason after giving up the five goals on 26 shots.

Nino Niederreiter got Winnipeg even at 2 midway through the second period on his shot from the bottom of the right circle after Josh Morrissey made a nifty move to get around Stars center Colin Blackwell before making the pass for the score.

The Stars had gone ahead 2-1 late in the first after Niederreiter tripped Granlund, who slid with the puck along the boards behind the net and got his knees to swipe it to Harley in the slot.

Kyle Connor scored the first Winnipeg shot when he recovered a shot wide left of the net, then scored on a wraparound goal that got under Oettinger’s extended glove.

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AP NHL playoffs: https://apnews.com/hub/stanley-cup and https://apnews.com/hub/nhl

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Hamas claims it will release American hostage Edan Alexander

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Hamas claims it will release American hostage Edan Alexander

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Hamas claimed on Sunday that it would release American hostage Edan Alexander.

Alexander, a dual U.S.-Israeli citizen, has been held captive in Gaza since the October 7 Hamas attack on southern Israel. 

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“As part of the efforts made by the brotherly mediators to achieve a ceasefire, Hamas has been in contact with the U.S. administration in recent days,” a statement, translated into English from Arabic, from the terror organization said.

“The movement has shown a high level of positivity, and the Israeli soldier with dual American citizenship, [Edan] Alexander, will be released as part of the steps being taken toward a ceasefire, the opening of border crossings, and the entry of aid and relief for our people in the Gaza Strip,” the statement continued.

PALESTINIAN LEADER DEMANDS HAMAS RELEASE REMAINING HOSTAGES

Edan Alexander, born in Tel Aviv and raised in New Jersey, is currently being held hostage by Hamas in Gaza.  (Hostage Family Forum)

It’s unclear when Alexander could be released.

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Fox News learned that the United States had informed Israel of Hamas’s intention to release Alexander as “a gesture to Americans, without compensation or conditions.”

The United States told Israel that this move is “expected to lead to negotiations for the release of hostages,” according to the original framework, laid out by Special Envoy to the Middle East Steve Witkoff, which Israel has already accepted.

PARENTS OF HAMAS HOSTAGES URGE TRUMP TO BE ‘TOUGH WITH ENEMIES AND FRIENDS’ AMID ISRAELI SIEGE IN GAZA

Donald Trump holding photo of Edan Alexander

Donald Trump is seen posing with a photo of Edan Alexander on Oct. 7, 2024 in New York City.   (Michael M. Santiago/Getty Images)

 Israel is preparing for the possibility that this move will be carried out.

According to Israeli policy, negotiations will take place under fire, with a commitment to achieving all the objectives of the war.

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Khalil al-Hayya, who is Hamas’ political chief in Gaza, echoed the statement, reiterating “the movement has shown a high level of positivity” when speaking about the effort to free Alexander.  

GAZANS SPEAK OUT AGAINST HAMAS FOR THE FIRST TIME IN 18 YEARS

“The Hamas movement affirms its readiness to immediately begin intensive negotiations and make serious efforts to reach a final agreement to end the war, exchange prisoners as mutually agreed upon, and manage the Gaza Strip by an independent, professional body, ensuring sustained calm and stability for many years, alongside reconstruction and ending the siege,” al-Hayya shared in a statement. 

Raised in Tenafly, New Jersey, Alexander moved to Israel at 18 to volunteer for military service in the IDF’s Golani Brigade. He lived with his grandparents in Tel Aviv and at Kibbutz Hazor, where he was part of a group of lone soldiers.

He was kidnapped on the morning of October 7 — a Saturday, he wasn’t required to remain on base. His mother was visiting from abroad, and like many lone soldiers, he had the option to go home for the weekend. But he chose to stay, not wanting to leave his comrades short-staffed on guard duty.

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There are 59 hostages still in Gaza, at least 24 of whom are assessed to be alive, including American-Israeli Alexander, now 21 years old after having spent two birthdays in Hamas captivity.

The Hostages and Missing Families Forum Headquarters also released a statement following the announcement of Alexander’s potential release, saying that they “are embracing and supporting the Alexander family.”

Yael Alexander at rally

Yael Alexander, the mother of hostage Edan Alexander, speaks during The  ‘Run for Their Lives’ rally and run in Central Park on the 100th day since the October 7 attack by Hamas, on Jan. 14, 2024 in New York City.  (Alexi Rosenfeld/Getty Images)

“Should this release be confirmed, the release of Edan Alexander must mark the beginning of a comprehensive agreement that will secure the freedom of all remaining hostages,” the statement read. 

“President Trump, you’ve given the families of all the hostages hope. Please, complete your mission and bring them all home.” 

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Several days ago, President Trump marked his 100th day in office, and the families of the five Americans still held hostage urged him to reflect on his strategy and apply pressure on both Israel and Hamas, through both economic and diplomatic means, to secure the release of all 59 hostages.

While there is evident frustration among the families of the hostages, who have made clear the Israeli government has not offered anywhere near the same level of support or communication provided by both the Biden and Trump administrations, they said that, ultimately, the adversary is the terrorist organization that captured, in some instances, and continues to hold captive their loved ones. 

“Prime Minister Netanyahu must immediately fulfill the supreme moral obligation — and the demand of the vast majority of the Israeli public — to bring everyone back: the living for rehabilitation and the deceased for proper burial in our country,” the organization said. “No one should be left behind.”

Fox News Digital reached out to the White House for comment, but did not immediately receive a response. 

Fox News’ Caitlin McFall contributed to this report. 

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Stepheny Price is a writer for Fox News Digital and Fox Business. She covers topics including missing persons, homicides, national crime cases, illegal immigration, and more. Story tips and ideas can be sent to stepheny.price@fox.com

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Israel attacks Yemen’s Hodeidah, striking port areas

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Israel attacks Yemen’s Hodeidah, striking port areas

Israel has previously bombed Hodeidah and Sanaa International Airport; Houthi missile targeted Ben Gurion Airport in Tel Aviv.

Israel has launched air attacks on Yemen’s Hodeidah governorate, according to the Houthi Interior Ministry.

The attack late on Sunday came after the Israeli army said it had warned those present at three Houthi-controlled ports in the area to evacuate.

It was the latest salvo in exchanges between Israel and the Houthis.

Israel bombed the Hodeidah port after a Houthi attack near Ben Gurion Airport in Tel Aviv earlier this month.

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Israeli strikes have also targeted parts of the Yemeni capital Sanaa and the main international airport there.

The Houthis have been firing missiles at Israel and on Israeli targets in the Red Sea in solidarity with Palestinians under fire since the war on Gaza began 19 months ago. Israeli attacks on Gaza have killed more than 52,000 people, including 57 who starved to death due to the total Israeli siege since March 2, according to Palestinian officials.

A ceasefire deal between Yemen’s Houthis and the United States does not include any operations against Israel, the group’s chief negotiator announced earlier this week.

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