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Hungary And India Move Towards Double Taxation Agreement

by Lorys Charalambous, Tax-News.com, Cyprus

10 November 2003


Hungarian Prime Minister Peter Medgyssey has concluded a week long visit to India in a trip intended to promote closer economic coperation and instigate a double taxation agreement.

Medgyssey was accompanied by a high-level delegation and undertook talks with senior Indian politicians including the Prime Minister Atal Behari Vajpayee on a wide range of issues both regionally and internationally. In addition to a double tax avoidance agreement, the two leaders concluded investment protection and bi-lateral promotion accords.

According to András Bársony, political state secretary of the Ministry of Foreign Affairs, Hungary intends to pursue similar agreements with other nations in the region. "India is one of Hungary's most important Asian trade partners (after Japan and mainland China)," he said. "However our interests will not stop at India and China, but carry on in other countries in the region."

Trade between India and the Central European state has been rising steadily in recent years, and reached $102.4 million last year according to the Indian Express.


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