According to an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the new agreement on the exchange of CbC reports between Hungary and the U.S. entered into force (is operative) on 1 August 2024, the date it was signed. Further, a new competent authority arrangement to implement the automatic exchange of CbC reports was signed on 11 December 2024 and entered into force (is operative) on the same date. The need for the new agreement and arrangement follows the termination of the 1979 tax treaty between the two countries, which resulted in the termination of the 2018 agreement and...