U.S. to terminate treaty with Hungary over resistance to global minimum tax
- Thread starter Martin Everson
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Ok can we keep to subject now. Thx.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Sadly that's how America deals with countries - friend or foe who pursue their own national interest above Americas 🙁. Very interesting there is internal criticism.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Hungary adopted the global minum tax, i'm wondering if US will rever the decision to terminate the US-HU treaty
Highly unlikely as that would directly imply U.S terminated agreement directly as a result of Hungary's resistance to global minimum tax. Also the geopolitics of Hungary having friendly relations with Russia i.e allowing them to build nuclear power plants etc will prevent that. They would need to become a U.S vessel state to get any joy.....but who knows what U.S thinks sometimes conf/(%.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Hungary dropped it's veto because the Mafia Govt received a couple of extra bucks in return for not voting against the minimum tax agreement. The actual taxes are not going up in Hungary though. So how come Hungary was against the agreement if nothing changed? Well you guessed it. The veto was used as a weapon. Only the US had the balls to punish them.
EU blocked billions of EURO for Hungary. Inflation is insane in Hungary too:
21.1% in October
22.5% in November
Forecast for 2023r ”žHungary's inflation may peak at 25%-27% in first quarter“
https://www.reuters.com/markets/eur...ak-jan-feb-25-27-yy-says-minister-2022-12-15/
And from 3000€ to 1B:
Russian assets frozen in Hungary hit $925 million in November
https://www.reuters.com/world/europ...y-hit-925-million-november-report-2022-12-16/
Not bad, Putin will come and take it back soon.
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EU holds back all of Hungary's cohesion funds over rights concerns
=> Merry Christmas Orban <=The European Commission said on Thursday it would hold back all 22 billion euros of EU cohesion funds for Hungary until its government meets conditions related to judiciary independence, academic freedoms, LGBTQI rights and the asylum system.
EU institutions had already decided on Dec. 12 to freeze 6.3 billion euros of the funds until the right-wing and eurosceptic government of Viktor Orban meets an even tougher set of 17 conditions also linked to the judiciary and dealing with corruption at high levels.
https://www.reuters.com/world/europ...hesion-funds-over-rights-concerns-2022-12-22/
Wow. They clearly want him gone...lol.
P.S Maybe he should never have agreed to global minimum tax.
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Abolish the EU Parliament, Viktor Orbán demands
https://www.politico.eu/article/abo...t-says-hungarian-prime-minister-victor-orban/
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Reading through the Treaty of 1977 and Business Taxes - if this agreement is voided in 2024 then a US C Corp managed/operated from Hungary (with no presence in the US except Resident Agent + Mailing Address) would be liable for taxes to IRS and the Hungarian Tax Authorities ?
Also: anyone have experience with running a C Corp from the EU? Do you get credit from IRS for taxes paid to EU tax authority or what?
Also: anyone have experience with running a C Corp from the EU? Do you get credit from IRS for taxes paid to EU tax authority or what?
Exactly.
You should consult the double tax treaty specific to the EU country where the C-Corp is run from.
I did. I also spoke with an accounting firm who told me the IRS would want their cut but that the local tax authorities will probably credit me for taxes paid in the USA. The treaty makes it sound as if it's the other way around. I was hoping to hear from someone with actual practical experience
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