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