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The government is open to a new Hungarian-US agreement to avoid double taxation

The government is open to a new Hungarian-US agreement to avoid double taxation

According to Mihaly Varga, the termination of the previous agreement had negative consequences for both parties.

Hungary is open to a new Hungarian-US agreement to avoid double taxation. He stressed that the goal of the Hungarian government is to ensure a safe and competitive economic environment for taxpayers, and therefore it is striving to strengthen US-Hungarian tax cooperation. Mihaly Varga After the US-Hungarian Business Council (USHBC) meeting, the Ministry of Finance announced on Tuesday. The Minister of Finance stressed that the consequences of the American side terminating the previous agreement are unfavorable for both countries.

According to the announcement, speaking about the relationship between the two countries, Mihaly Varga said: The United States is the largest investor in Hungary outside the European Union, and its share of the total investment stock is close to 9 percent. He added that the Hungarian government has so far concluded strategic cooperation agreements with 94 companies, 14 of which are from the United States.

In addition, 1,700 US companies employ about 107,000 people, and the volume of bilateral trade in 2022 rose from 7.1 to 8.3 billion dollars, or 16 percent, breaking the record for bilateral trade volume, Mihaly Varga added.

The US-Hungarian Business Council, which was founded in New York in 2016, organized a US-Hungarian economic summit this year, with the aim of bringing new investors to our country in addition to existing investors, the Ministry of Finance said in a statement. a permit.


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