Hungary’s Prime Minister Viktor Orbán has authorised negotiations for a new income tax treaty with the US.
The new tax treaty between the two nations is aimed at avoiding and preventing double taxation in the field of income taxes.
In July 2022, Washington unilaterally terminated the international treaty with Hungary—dating back to 1979, which went into effect on 1 January 2024. In 2010, the two countries signed another tax treaty, but it was not ratified.
The new treaty must be finalised, signed, and ratified before it can take effect.
