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HUNGARY, ANDORRA CONCLUDE TALKS ON TAXATION AGREEMENT

 

Hungary and the Principality of Andorra have concluded talks on a taxation agreement to avoid double taxation and prevent tax evasion, the finance ministry said. After internal approval on both sides, the agreement is expected to be signed in early 2021. The agreement will cover regulations pertaining to the exchange of information on income taxes between the tax authorities of the two countries. It will also facilitate uncovering attempts at tax evasion and cut red tape in taxation matters, it said. Hungary currently has taxation agreements with 83 countries, which effectively curb the room for manoeuvre of those attempting tax fraud, the ministry said.