LOC16:57
13:57 GMT
RIYADH, March 24 (KUNA) -- Saudi Arabia and Hungary have signed an
agreement for double taxation avoidance and prevention of fiscal evasion with
respect to taxes on income and capital, and its related protocol.
The deal was signed by Saudi Minister of Finance Dr. Ibrahim bin Abdulaziz
Al-Assaf and Hungarian Minister of National Economy Mihaly Varga, the Saudi
Press Agency (SPA) reported.
Speaking to SPA following the signing, the Saudi minister of finance lauded
the agreement as a stable legal framework that determines the taxation
relationships between both countries.
The agreement also defines clearly the tax treatment when a resident from
the Contracting State practices an activity in the other Contracting State,
and ensures non-double taxation on income resulted from the investor's
activity. (end)
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KUNA 241657 Mar 14NNNN