Pakistan and Hungary sign an agreement to promote economic cooperation
On 11 April 207, Pakistan and Hungary signed an agreement in Islamabad to enhance economic cooperation and trade ties in various areas including machine industry, electronics industry, food and agriculture, water management, environmental and energy
See MoreDouble tax treaty between Hungary and Iran enters into force
The double tax treaty between Hungary and Iran came into force on 1 January 2017. The treaty defines the term "resident" as a person that under the laws of either country is liable to tax there by reason of domicile, residence, place of
See More7 more countries sign tax co-operation agreement to enable BEPS Action 13
According to a press release of 27 January 2017, published by the OECD, as part of continuing efforts to boost transparency by multinational enterprises (MNEs), Gabon, Hungary, Indonesia, Lithuania, Malta, Mauritius and the Russian Federation have
See MoreLuxembourg: Parliament ratified DTA with Hungary
According to a journal published on 27 December 2016, Luxembourg ratified the Luxembourg-Hungary Income and Capital Tax Treaty (2015) on 23 December 2016. Once in force and effective, the new treaty will replace the Hungary-Luxembourg Income and
See MoreHungary-Ratified the income tax treaty of 2016 with Oman
The government of Hungary ratified the Hungary - Oman Income Tax Treaty (2016) on 15 December 2016 by way of Law No. CLXXVII which was published in the Official Gazette No. 210 on 20 December
See MoreHungary-Amendments to the Tax law amendments adopted by the parliament
The amendments to the Hungarian Tax Law submitted by the Minister of Economy of Hungary were accepted on 12 December 2016 without any major modifications. According to the adopted Tax Law the new tax measures are as follows: Tax
See MoreHungary-amendments to the Tax Law submitted to the parliament
The Tax amendments announced by the Minister of Economy of Hungary were submitted to the parliament on 5 December 2016. According to the proposed amendments the corporate income tax rate will be reduced as the current progressive rates of 10% and
See MoreHungary-New bill amending Corporate Income Tax Law passed by the Parliament
The Hungarian parliament passed a bill modifying the Corporate Income Tax Law on 23 November 2016. According to the law the early stage business will be defined as start-up company if the company has been registered as an early-stage business in
See MoreHungary-Government announces reduction of corporate income tax rate
The Hungarian Ministry of Economy announced on 17 November 2016, a reduction of corporate income tax rates from 2017. The current progressive rate of 10% and 19% will be reduced to a flat rate of 9%. This proposal has been submitted for the approval
See MoreHungary: Introduces a new type of tax audit of binding rulings
Tax audit of binding rulings From July 1, 2016, a new type of tax audit was introduced whereas binding rulings may be fact-checked by the tax authority. The tax authority may start this type of audit regarding a taxpayer’s past tax years to find
See MoreIMF report comments on the economic situation of Hungary
The IMF released a report on 22 April 2016 following consultations with Hungary under Article IV of the IMF’s articles of agreement. Hungary has been experiencing robust economic growth in the past few years and output expanded by 2.9% in 2015.
See MoreHungary: IMF report recommends tax changes
The International Monetary Fund (IMF) has issued a concluding statement describing the preliminary staff findings following consultation with Hungary under Article IV of the IMF’s articles of agreement. The Hungarian economy is performing well
See MoreHungary: Tax amendments approved by parliament
The parliament of Hungary approved a bill on 17 November 2015 establishing some additional amendments to the country's current tax system. According to the approved bill a classification system will be introduced and companies will be classified as
See MoreHungary-Proposed bill on reduction to the current bank surtax
The government of Hungary presented to the parliament on 24 November 2015, a bill proposing amendment to the special bank surtax applicable to financial institutions which was introduced in 2010 as a temporary measure and became permanent in
See MoreHungary: Draft bill for tax law changes in 2016
The government of Hungary recently presented to the Parliament a draft bill with proposals for tax law changes which would take effect as from 2016. The proposed draft bill creates a classification system for taxpayers based on the level of risk
See MoreHungary: Parliament approves tax laws for 2016
The Parliament of Hungary approved a package of previously announced tax law changes for 2016 on 16 June 2015. According to the approved Bill the personal income tax rate will reduce from 16% to 15%. The tax allowance for individuals raising two
See MoreHungary: Proposals for tax law changes for 2016 submitted to Parliament
The Government of Hungary recently submitted to the Parliament certain proposals concerning amendments to the tax law which will become effective from 2016. However certain changes regarding corporate income tax would take effect as from 2015. The
See MoreHungary: IMF report makes recommendations on fiscal policy
The IMF issued a report on 3 April 2015 following the conclusion of discussions with the government of Hungary under Article IV of its articles of agreement. The economy has been growing strongly with output increasing by 3.6% in 2014. The fiscal
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