The Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf confirmed that the agreement signed today between the Government of the Kingdom of Saudi Arabia and the Government of the Republic of Hungary for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital and the protocol accompanying it is a stable legal framework that identifies taxation relationships between the two countries. In a statement to Saudi Press Agency (SPA), he said that the agreement also defines clearly the tax treatment when a resident from the Contracting State practises an activity in the other Contracting State, and ensures non-double taxation on income resulted from the investor's activity. He added that accordingly, this agreement reduces the tax burden on investors and realizes transparency in tax treatment for them.
