AUSTRALIAN TAX TREATIES

Hungarian Agreement  

AGREEMENT BETWEEN AUSTRALIA AND THE REPUBLIC OF HUNGARY FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME  

ARTICLE 2   Taxes Covered  

(1)  
The existing taxes to which this Agreement shall apply are:


(a) in Australia -
the income tax, and the petroleum resource rent tax in respect of offshore projects, imposed under the federal law of the Commonwealth of Australia;


(b) in Hungary -
the income tax on individuals and the profit taxes, imposed under the law of the Republic of Hungary.

(2)  
This Agreement shall also apply to any identical or substantially similar taxes which are imposed under the federal law of the Commonwealth of Australia or the law of the Republic of Hungary after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any substantial changes which have been made in the laws of their respective States relating to the taxes to which this Agreement applies within a reasonable period of time after such changes.

(3)  
In this Agreement, the terms " Australian tax " and " Hungarian tax " do not include any penalty or interest imposed under the law of either Contracting State relating to the taxes to which this Agreement applies.




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