IRS Announcement: Effective Date of Termination of United States-Hungary Tax Treaty

The United States provided a diplomatic notification, dated July 8, 2022, to the Government of the Republic of Hungary of its termination of the United States-Hungary Tax Treaty, the IRS stated. In respect of tax withheld at source, the United States-Hungary Tax Treaty ceases to have effect with respect to amounts paid or credited on or after Jan. 1, 2024. In respect of other taxes, the United States-Hungary Tax Treaty ceases to have effect with respect to taxable periods beginning on or after Jan. 1, 2024. [Announcement 2024-5, 2024-3 I.R.B. __ (Jan. 16, 2024)]