An agreement was signed between Pakistan and Hungary to promote tax cooperation.

According to the statement, the agreement is between Pakistan and Hungary to prevent double taxation and avoidance of income tax.

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Pakistan and Hungary have amended the Article of Information Exchange to bring administrative cooperation in tax matters up to date.

The agreement was signed by Hungarian Ambassador Istvan Szabo and Pakistan’s Member of IR Operations Dr Muhammad Ashfaq Ahmed. Article 27 of the agreement deals with the exchange of information.

This change will allow the signing parties to exchange information under the Information Exchange Article, which will allow the two countries to exchange information provided by their banks and financial institutions.