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Hungary Open to New Double Taxation Avoidance Treaty With U.S.

Int’l Relations

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Hungary is open to establishing a new double taxation avoidance treaty with the United States, Finance Minister Mihály Varga said after a meeting with the U.S.-Hungary Business Council (USHBC) on Tuesday, according to a report by state news wire MTI.

"The aim of the Hungarian government is to ensure a secure and competitive economic environment for taxpayers, which is why it strives to strengthen US-Hungarian cooperation on tax matters," Varga said in a statement issued by his ministry.

The consequences of an earlier US decision to terminate the existing double taxation avoidance treaty with Hungary "are unfavorable for both countries", he added.

Varga noted that some 1,700 U.S.-owned companies employ around 107,000 people in Hungary. Bilateral trade between the two countries has reached an annual USD 8.3 billion, he added.

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