Hungary: new double tax treaty with USA

Hungary
09/02/2010
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Hungary and the USA have signed a new income tax treaty after almost a decade of negotiations.

The treaty closes a well-known loophole in the current double tax treaty between the two countries by including a strict "limitation on benefits" clause to deter treaty shoppers.

It has already been sent to Parliament, and is expected to be ratified before the end of February. It will take effect from 1 January 2011 assuming it is approved in both countries by the end of 2010.

Further details on the contents of the treaty will be provided soon.

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