Finance Minister Mihály Varga said Hungary is open to drafting a new double taxation avoidance treaty with the United States.
“The aim of the Hungarian government is to ensure a secure and competitive economic environment for taxpayers, which is why it strives to strengthen US-Hungarian cooperation on tax matters,” Minister Varga said after a meeting of the US-Hungary Business Council (USHBC) on Tuesday. The consequences of an earlier US decision to terminate the existing double taxation avoidance treaty with Hungary “are unfavourable for both countries”, Varga said. He noted that some 1,700 US-owned companies employ around 107,000 people in Hungary. Bilateral trade between the two countries has reached an annual 8.3 billion dollars, he added.