Latest Treaty Updates: Hungary
Treaty Update: Qatar - Hungary
2/3/2012
According to the Qatar new agency, on February 27 Sheikh Hamd bin Khalifa Al Thani approved the draft DTA concluded with Hungary on January 18, 2012.
Treaty Update: Georgia - Hungary
22/2/2012
Hungarian National Economy Minister György Matolcsy and his Georgian counterpart Dimitri Gvindadze signed a DTA on February 16, 2012.
Treaty Update: Hungary - Qatar
23/1/2012
A DTA between Hungary and Qatar was signed on January 19, 2012.
Treaty Update: Hungary - United Kingdom
11/1/2012
The DTA between the United Kingdom and Hungary entered into force on December 28, 2011, and became effective for Hungarian income from January 1, 2012. The agreement will be effective for taxable income in the UK from April 1, 2012, and from April 6, 2012 for income tax and capital gains tax (other than taxes withheld at source).
Treaty Update: United Kingdom - Hungary
21/12/2011
According to the UK tax authority, the DTA between the UK and Hungary, signed on September 7, 2011, will enter into force on December 28, 2011, and will become effective from January 1, 2012.
Treaty Update: Mexico - Hungary
7/12/2011
According to preliminary media reports, Mexico ratified the pending DTA with Hungary on December 1, 2011.
Treaty Update: Hungary - United Kingdom
9/9/2011
According to the UK tax authority, HM Revenue and Customs, a DTA between the UK and Hungary was signed on September 7.
Treaty Update: Hungary - Denmark
7/7/2011
According to preliminary media reports, Hungary ratified its DTA with Denmark in parliament on June 27, 2011.
Treaty Update: Hungary - Germany
7/7/2011
According to preliminary media reports, Hungary ratified its DTA with Germany in parliament on June 27, 2011.
Treaty Update: Mexico - Hungary
5/7/2011
According to the Mexican government, Mexico and Hungary have signed a DTA. The treaty also contains a provision for the exchange of tax information.
Treaty Update: Brazil - Hungary
20/6/2011
Treaty Update: Denmark - Hungary
1/6/2011
The DTA will replace the current agreement, signed in 1978. The main change is in relation to the provisions covering the taxation of payments from private pension plans. Previously, the agreement had assumed that private pensions are taxed where the pensioner resides, but, with the new agreement, they will be taxed where they are paid. Transitional provisions also aply. The Danish government is expected to submit a draft bill for the DTA's approval in October, 2011.
Treaty Update: Hong Kong - Hungary
25/5/2011
Hong Kong residents receiving dividends from Hungary are to be charged 10% withholding tax. The rate is reduced to 5% where the recipient is a company holding 10% or more of the share capital of the paying company. Hong Kong residents receiving royalties from Hungary are to be charged withholding tax at 5%. Interest payments to Hong Kong residents are capped at 5%. The DTA is to have effect for any assessment year beginning on or after April 1, 2012.
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Latest News
Panama's Minister for the Economy and Finance, Frank De Lima has confirmed the government will continue to seek out tax information exchange agreements with other nations despite having reached the twelve agreement quota set for inclusion on the Organisation for Economic Cooperation and Development's white list.
UK, Hungary Sign Updated DTA 14/9/2011
The UK and Hungary have inked a new double tax agreement, which will replace the existing treaty and bring the agreement up to date with the latest international standards.
OECD Reviews Jurisdictions' Tax Transparency 2/6/2011
The Organisation for Economic Cooperation and Development has released a series of new Peer Review reports, covering the exchange of information for tax purposes, and making recommendations for improvements in this area.
Hong Hong, Hungary DTA Comes Into Effect 24/2/2011
It has been announced that the double tax agreement between Hong Kong and Hungary, which was formally signed on May 12, 2010, came into effect on February 23, 2011, following the completion by both countries of their respective approval procedures.
EU Launches Multi-Year Review Of Cross-Border Taxation 23/12/2010
The European Commission has published a Consultation, which marks the commencement of a comprehensive multi-year review of the major cross-border issues faced by EU citizens, and proposes solutions for them.
Hong Kong Ratifies Five DTAs 20/10/2010
Hong Kong’s Chief Executive has gazetted five orders under the Inland Revenue Ordinance to implement the comprehensive double taxation agreements with Hungary, Austria, the United Kingdom and Ireland, as well as the Third Protocol to the Arrangement with the Mainland of China.
Panama To Sign DTA With Luxembourg 6/7/2010
The Panamanian government has finalized negotiations in Luxembourg ahead of the signing of a treaty to avoid double taxation between the two countries, announced deputy economy minister, Frank De Lima, who led the negotiating team for Panama.
Hong Kong Signs DTAs With Kuwait, Hungary 17/5/2010
Hong Kong has signed agreements with Hungary and Kuwait for the avoidance of double taxation, which also incorporate the internationally-agreed Organisation for Economic Cooperation and Development standard on the exchange of tax information, and represent the ninth and tenth such agreements it has completed.
Taiwan And Hungary Sign DTA 23/4/2010
On April 19, an agreement for the avoidance of double taxation was signed between Taiwan and Hungary, and is planned to come into force from January 1, 2011.
Hong Kong Property Taxes Reviewed 16/3/2010
Hong Kong’s Financial Secretary, John C Tsang, made the traditional post-budget speech at the Joint Business Community Luncheon on March 12 and, in particular, reviewed the tax measures taken to increase the transaction cost of property speculation so as to reduce the risk of a property bubble being created.
NZ Emissions 'Tax' Attacked 15/3/2010
The ACT New Zealand Party, a member of the country’s present coalition government, has continued its opposition to New Zealand’s new carbon emissions trading scheme, calling it a tax that will increase inflation in the economy.
Orascom Loses Algerian Tax Appeal 12/3/2010
Egyptian telecom company, Orascom Telecom, has announced that its Algerian subsidiary, Orascom Telecom Algérie, has received a rejection to its appeal, made in December last year, against the notice for taxes and penalties it had received from the Algerian tax authorities the month previously.
Switzerland, Slovakia Initial Revised DTA 12/3/2010
It has recently emerged that Switzerland and Slovakia have initialled a revised bilateral double taxation agreement, containing the Organization for Economic Cooperation and Development’s standard on tax information exchange.
UK Budget To Hit The Rich 12/3/2010
Wealthy individuals may have less than two weeks to put plans in place to reduce the tax impact of the Chancellor’s pre-election Budget, warns PKF Accountants and business advisers.
Australia Promised Full Debate On Tax Review 15/3/2010
Following indications that the Australian government was thinking of a delay to the release of the Henry tax review, the Treasurer, Wayne Swan, has now confirmed that it will be issued in good time for a full debate on any proposed tax changes.
Germany Approves Liechtenstein TIEA 15/3/2010
Germany’s Cabinet has recently approved a bill pertaining to the bilateral tax information exchange agreement with Liechtenstein.
UAE Completes VAT Study 12/3/2010
Authorities in the United Arab Emirates are inching closer to the introduction of a value-added tax.
Malaysia Not Cancelling GST 12/3/2010
After a government meeting, Malaysia’s Second Finance Minister, Datuk Seri Ahmad Husni Hanadzlah, has rejected any suggestion that the proposed introduction of a goods and services tax has been cancelled.
BVI To Review Taxes And Fees 15/3/2010
British Virgin Islands Prime Minister, Ralph O’Neal has said that the territory will run a budget surplus during 2010, although the government still intends to review indirect taxes and fees on financial services.
IRS Offers Help To Struggling Taxpayers 14/3/2010
The US Internal Revenue Service has announced several additional steps it is taking this tax season to help people having difficulties meeting their tax obligations because of unemployment or other financial problems.
Baucus Seeks Trade Preference Reform 15/3/2010
Senate Finance Committee Chairman Max Baucus is leading efforts for reform of US trade preference programs accorded to developing countries.
Jersey Riding Out Onshore Storm 15/3/2010
Jersey will overcome the evolving challenges being faced by offshore international financial centres, Geoff Cook, Chief Executive of Jersey Finance, told participants at a Breakfast Briefing in London.
OECD Urges Fiscal Policy Shift 12/3/2010
Governments must now gear their economies towards jobs, international competitiveness and increasing the tax-take, the Organization for Economic Cooperation and Development has said in its latest ‘Going for Growth’ report, analyzing the next step for recovering economies.
Tax Relief For California Storm Victims 11/3/2010
The State of California’s Franchise Tax Board on March 9 announced special tax relief for California taxpayers affected by the recent severe winter storms that started in January.
Belgium's Kilometer Tax Opposed 11/3/2010
The Humanist group cdH of the Walloon parliament in Belgium has rejected the idea of a road tax levied per kilometre travelled, advocating instead the introduction of an inclusive road tax disc, which could then be modified to take certain environmental criteria into account.