Saudi Arabia, Hungary ink double-taxation deal

Saudi Arabia and Hungary have signed an agreement for double taxation avoidance and prevention of fiscal evasion with respect to taxes on income and capital, and its related protocol.The deal was signed by Saudi Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf and Hungarian Minister of National Economy Mihaly Varga, the Saudi Press Agency (SPA) reported.Speaking to SPA following the signing, the Saudi minister of finance lauded the agreement as a stable legal framework that determines the taxation relationships between both countries. The agreement also defines clearly the tax treatment when a resident from the Contracting State practices an activity in the other Contracting State, and ensures non-double taxation on income resulted from the investor's activity.