International Taxation
The agreement remained in force until 31 December 2023, but now it is not applicable anymore. In response, Hungary has introduced some changes to tax regulations to mitigate the impact.
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Last week the Hungarian Tax Authority has published a notice about the effects of the cancellation of the U.S.-Hungarian double taxation treaty. This marks an end to hopes that the treaty might be reinstated or a new treaty might be introduced.
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Non-EU residents visiting the EU have the option to avoid paying VAT on their purchases in Hungary. This is possible either by shopping duty-free at an airport, or by making purchases at regular stores and reclaiming VAT upon leaving the EU.
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Early July, the U.S. canceled the double taxation treaty between Hungary and the U.S. Unless a new treaty is signed over the next year or so, natural persons and entities that have income from both the U.S. and Hungary will face a significant tax increase starting from January 2024. Double taxation treaty with the U.S. …
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On 8 July 2022, the U.S. officially notified Hungary that it was unilaterally terminating the double taxation treaty between the two countries. But what does that mean exactly, and what to expect?
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After the October announcement of joining the global minimum tax convention, Hungary has just vetoed the EU proposal on implementation, while the Hungarian Parliament has also passed a bill on not supporting the scheme for the time being.
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Since the UK has left both the European Union and the Customs Union, the UK is now officially a third country. In line with this, trading regulations has changed radically after Brexit. Read our quick guide to get up to date.
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The OECD is introducing a global minimum tax at 15% starting from 2023. The tax will only affect companies with a global revenue above EUR 750 million.
The post Hungarian SMEs will not be affected by the global minimum tax appeared first on HELPERS.
The white card is a new residency option in Hungary targeting digital nomads: third country citizens employed by foreign companies who perform their job online and like always being on the go. But how does paying taxes work as a white card holder? Let us help you find out! White card: residency for digital nomads …
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We have already discussed plans for the introduction of a global minimum tax. Last week, Hungary agreed to join the convention that aims to set corporate tax at a 15% minimum for international companies that have a yearly revenue above EUR 750 million.
The post Hungary has agreed to introduce the global minimum tax appeared first on Helpers Finance.