The Foreign Account Tax Compliance Act (FATCA) agreement (2014) between Hungary and the United States entered into force on 16 July 2014.
Under the agreement, Foreign Financial Institutions (FFIs) in Hungary will report the information required under FATCA about U.S. accounts to the Hungarian Government, which in turn will report the information to the IRS. This agreement is reciprocal, meaning that the United States will also provide similar tax information to the Hungary Government regarding individuals and entities from Hungary with accounts in the United States.
