Bloomberg Tax
Nov. 4, 2022, 6:56 PMUpdated: Nov. 4, 2022, 11:07 PM

Republicans Blast Treasury for Ending Hungary Tax Treaty (1)

Isabel Gottlieb
Isabel Gottlieb

Republican congressional committee leaders called on the Biden administration to reverse its decision to cancel a tax treaty with Hungary.

The Treasury Department announced in July it was ending the decades-old bilateral income tax treaty, saying its conditions were unfavorable to the US.

In a letter dated Thursday, Senate Finance Committee ranking member Mike Crapo (R-Idaho), Senate Foreign Relations Committee ranking member Jim Risch (R-Idaho), and House Ways and Means Committee ranking member Kevin Brady (R-Texas) called the decision to end the treaty “a transparent act of retaliation” to Hungary’s stance on the minimum tax, adding that it set ...