The Global Forum on Transparency and Exchange of Information for Tax Purposes has released several new reports on the results of recently conducted reviews of the implementation of international tax information exchange standards. The mechanism of implementation and legal frameworks for international tax transparency and information exchange in nine different countries have been reviewed by the Global Forum on Transparency and Exchange of Information for Tax Purposes, with the results being released on May 1st. The newly published reports outlined the results of ... Read More

The Hungarian government has approved several changes to its tax system, including a new flat-rate model for personal income taxes, reduced corporate income taxes, and incentives for families to have extra children. On November 23rd the Hungarian Government passed into law a series of heavily debated changes to the tax system, significantly revising the country’s tax regulations. It is hoped that the alterations will boost national tax revenues, while spurning job creation and economic health. As of January 1st 2011 the current Hungarian tax ... Read More

The Government of Hungary is receiving widespread criticisms and warnings that its current budgetary plans are unbalanced, inefficient, and will likely lead to lower tax revenues. The International Monetary Fund (IMF), the European Union (EU), and the national Fiscal Council have all criticized Prime Minister Viktor Orban’s budgetary plan, claiming it could result in an overall revenue fall of HUF 200 billion (approx. USD 897 million). The key issue surrounding the disagreement is the method by which Hungary will attempt to lower its budget ... Read More