Hungary’s parliament passed the 2024 Hungary-US Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports on 4 November 2024.
The CbC agreement was signed on 15 July 2024 by Hungary and on 1 August 2024 by the US.
The newly approved agreement will succeed the 2018 IGA which ended on 8 January 2023. The law now awaits the President’s signature for ratification and will take effect the day after it is published in the Official Gazette.
Earlier, on 2 November 2023, Hungary approved a new Country-by-Country (CbC) exchange agreement with the US, as per Decree No. 1482/2023.
Hungary and the US have signed joint statements in December 2022 and 2023 to temporarily enable automatic CbC report exchanges under the multilateral Convention on Mutual Administrative Assistance in Tax Matters for fiscal years starting in 2021 and 2022.
