An important agreement was reached between Pakistan and Hungary.

ISLAMABAD: Pakistan and European country Hungary have reached an agreement to promote tax cooperation.

According to details, a signing ceremony was held in which Hungarian Ambassador Istvan Szabo and Member IR Operations Dr. Ashfaq Ahmad signed the agreement.

The agreement will prevent double tax sessions and avoidance of income practices, while administrative cooperation in tax matters will be brought up to date under the agreement.

Article 27 of the agreement deals with the exchange of information under which the signatory parties will exchange information.

Similarly, under the agreement, the two countries will be able to exchange information between banks and financial institutions.