Hungary signs tax agreement with US

Hungary and the United States have signed a tax information exchange agreement, the Finance Ministry said in a statement.

The agreement was signed in Budapest by Finance Minister Mihály Varga and US ambassador David B. Cornstein. The statement of the ministry said that the agreement will enable more effective measures against international tax evasion and also ensures that multinational companies pay their taxes according to local legislation.

Hungarian-US relations are based on mutual respect, dialogue and cooperation, Varga said at the signing. He also said the two sides were in agreement that more effective measures are needed to combat international tax evasion and the financing of terrorism.

The United States is Hungary's largest export partner outside of Europe while the US is one of the biggest foreign investors in Hungary, with over 1,700 companies providing jobs for some 105,000 Hungarians.

Hungary also wants the United States to grant trade and investment visas to Hungarian businesses who wish to establish a foothold in America, Varga said.

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