AmCham urges gov't to work with U.S. to save tax treaty

Government

Image by Shutterstock.com

After the termination of the U.S.-Hungary double taxation avoidance agreement of 1979, the American Chamber of Commerce in Hungary (AmCham) sent a letter to Péter Szijjártó, Minister of Foreign Affairs and Trade; Mihály Varga, Minister of Finance; and Márton Nagy, Minister of Economic Development, urging the government to take the necessary measures to uphold the current agreement or sign a new treaty.

According to Amcham.hu, the letter was written after the chamber's extraordinary Tax Committee meeting on July 15 when members discussed the impact of the cancellation of the U.S.-Hungary income tax treaty, and the chamber's response.

The letter to the ministers was sent on July 18.

"Termination of the agreement causes uncertainty and tension among companies, harms the competitiveness of our country, and undermines the economic and trade relations between the two countries," the chamber argues.

AmCham also says that it advocates for the creation of a predictable and stable tax environment, transparency, and the protection of investments, adding that the chamber is "ready to consult with the government regarding the tax treaty and the global minimum tax".

ADVERTISEMENT

Hungarians Want to Live to 96 Analysis

Hungarians Want to Live to 96

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Wizz Air Malta Names Managing Director Appointments

Wizz Air Malta Names Managing Director

2 Protests to Take Place in Budapest on Aug 20 City

2 Protests to Take Place in Budapest on Aug 20

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.