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Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 10/30/2013

Hungary - FATCA agreement initialed with United States 

October 30: Hungary's Ministry for National Economy on 28 October 2013 announced that representatives of the governments of Hungary and the United States initialed a Model 1 intergovernmental agreement (IGA) to allow for an automatic exchange of information pursuant to the U.S. legislation known as FATCA (Foreign Account Tax Compliance Act).

The Hungarian government announcement reports that the Model 1 IGA agreement allows for the automatic exchange of information between financial institutions and aids in combating international tax evasion.


The IGA now must be signed before it is considered and approved by Hungary’s parliament.




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