The July 8 news that the US was canceling a bilateral tax treaty with Hungary that has been in place since 1979 took a lot of people by surprise.
While Treasury pointed to conditions in the treaty it said were unfavorable to the US, the announcement also came amid Hungary's continued opposition at the European Union to the 15% minimum tax the Biden administration has championed.
On this week's Talking Tax, Sean Foley, the global head of KPMG's transfer pricing dispute resolution network, talks about the implications of the treaty termination, including on dispute resolution and withholding taxes.
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