The UK is said to have killed the proposals stone dead, and the mood has been reported to be 'very nasty'.
The UK and Luxembourg had pledged to fight the tax plans, with the deadlocked outcome widely expected.
However, Luxembourg appears to have agreed to a compromise proposal, which was then blocked by the UK government.
The UK government has suggested it might agree to a withholding tax, but only if the institutional bond market is exempt - which is worth $3 trillion, and largely based in London.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago