Hungary has announced the ratification of the following tax related agreements with Guernsey, Switzerland and the United Arab Emirates:
The Agreement on Exchange of Information on Tax Matters with Guernsey was signed on 11 September 2013 and the related Act CLXII of 2013 was officially published on 21 October 2013.
The DTT agreement with Switzerland was signed on 12 September 2013 and the related Act CLXIII of 2013 was officially published on 21 October 2013.
The DTT agreement with the United Arab Emirates was signed on 30 April 2013 and the related Act CLXI of 2013 was officially published on 21 October 2013.
The above agreements are not yet in force, as they will become effective once both contracting countries of each agreement complete the ratification process.
Impact on investors: Hungary has progressed further with its plan to revise some of its existing DDT and exchange information agreements and to promulgate new ones. The related Acts (Act CLXI of 2013, Act CLXII of 2013 and Act CLXIII of 2013) have been officially published, however, they have not entered into force yet.