FATCA: COMPETENT AUTHORITY ARRANGEMENT WITH HUNGARY

The IRS has posted text of a Competent Authority arrangement (CAA) between the United States and Hungary, pursuant to the intergovernmental agreement (IGA) signed in 2014 to implement the FATCA regime.

The CCA with Hungary follows CAAs that were signed by the United States in September 2015 with both the United Kingdom and Australia. These were reported by the IRS to be the first of this type of arrangement to be entered into by the United States, and the IRS announced that the U.S. Competent Authority expected that “numerous other CAAs with additional competent authorities in IGA jurisdictions will be signed in the near future.”

Read text of the FATCA-related CCA [PDF 34 KB] with Hungary