Hungary and the Czech Republic vow to maintain independent tax policies

The prime ministers of Hungary and the Czech Republic say they will not give up their countries' independent tax policies to join a new European Union treaty meant to tackle the group's debt crisis.

Czech Prime Minister Peter Necas said a common EU tax policy "would not mean anything good for us," while Hungarian Prime Minister Viktor Orban said Hungary needed to keep the right to set its own tax policies to maintain its competitiveness.