February 05, 2010, 10:23 CET
Hungary, US sign deal on double taxation
Hungary and the United States have signed an agreement designed to avoid double taxation, the Finance Ministry told MTI on Thursday.
The new agremeent will replace the one signed in 1979.
Finance Minister Peter Oszko signed on behalf of Hungary and US Ambassador to Hungary Eleni Tsakopoulos Kounalakis for the US.
The agreement aims at regulating taxation so that double taxation is avoided but rules are transparent. It clarifies which state has the right to levy tax for each type of earning category.
The agreement observes and is founded on the principle of equal opportunities. It will be sent to Parliament for approval, which is expected before the end of February. If approved, the agreement comes into effect from January 2011.
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How can HU and the US agree what are taxes? HU apparently doesn't know what can be taxed, what has already been taxed, or that part of transparency means that the taxes can be predicted. Consider the latest in the long line of "snatch and grab" policy decisions concerning "luxury" assets.
This is a clear case of double taxation. The tax is reapplied to items already purchased. And before people start saying, that there are "property taxes" elsewhere, keep in mind that those taxes are for providing the support facilities that are somehow connected to the property - like roads, police and schools. Clearly as we already have a "road" tax (whose basis was also changed and is now questionable), we already collect income to cover the supply of vehicle infrastructure.
@Rolrox. There is a part of this episode thatis missing. It came up once before. It's something to do with individuals and businesses which overlap and trade in different countries.
Erik did a piece on it not so long ago.
Not absolutely certain but I think I'm on the right lines.
I am sick of tax issues and fumbling useless government. We can expect more of the same at the next parliament.
Nothing will change because politicians do not know any better.
Commie bureaucracy and corruption go hand-in-hand.
Russky has gone but diabolical government persists.