Hungary signs FATCA as the first country in the region
Enacted by the United States Congress in 2010, FATCA targets tax evasion by U.S. taxpayers who use foreign financial accounts. The agreement signed today provides the necessary legal framework for effective implementation of FATCA by financial institutions.
"Today's signing marks a significant step forward in our countries' efforts to work collaboratively to combat offshore tax evasion, an objective that mutually benefits our two countries. We appreciate Hungary's commitment to enhancing our bilateral cooperation to improve international tax compliance," said the Chargé d'Affaires.
Minister of State Gabor Orban said, "Hungary is the first country from the region to sign this agreement. The Agreement provides a solution for our financial markets to comply with the FATCA regime and helps us to combat tax avoidance through its provisions on reciprocal information exchange." ■