Hungary and Estonia blocking EU tax reform

Hungary and Estonian diplomats have blocked a revised set of EU tax rules - potentially derailing an effort to curb the race for ever-lower corporate taxes in the EU.

The current rules were drafted in 1997 and have since then not been adjusted to a new 21st century reality.

International tax competition has become globalised and much more widespread compared with the late 1990s when lawmakers first drafted the rules, which have led EU countries to miss out on €160bn in tax incom...