According to the report, the tax authorities of two countries such as Pakistan and the Hungary are bound now to exchange their taxpayer’s information under a revised convention for avoiding the double taxation as well as the fiscal evasion’s prevention.
However, the Federal Board of Revenue (FBR) has issued a notification recently regarding this where it stated that Hungary and Pakistan had signed a Protocol in 2020, July to revise the existing or the current convention to avoid the Double Taxation issues.
Moreover, both the countries have completed their all legal procedures that were required for an enforcement of this agreement.
The competent authorities of Pakistan and Hungary will exchange their taxpayer’s information as it is mentioned under the convention of exchange information; the enforcement of all the domestic laws regarding taxes of each kind along with their description will also be imposed on the behalf of Contracting States. Both the countries will follow the terms and conditions of the convention.