Dec 3, 2017, 9:12 PM
News Code: 82751639
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Minister: Iran, Hungary agree to avoid double taxation

Tehran, Dec 3, IRNA – Minister of Economy and Finance Masoud Karbasian in a meeting with his Hungarian counterpart Mihaly Varga here on Sunday said agreement to avoid double taxation between the two countries, which was approved by Iranian parliament (Majlis) is now enforceable.

By pointing to the necessity to develop trade ties between the two countries, Karbasian reiterated appropriate capacities of free trade zones for foreign investment.

He also pointed to the banking cooperation between the two states and successful experiences of Iran's Export Development Bank with a Hungarian bank, which facilitated mutual transactions.

Karbasian announced that agreement to persuade and mutually support investment with Hungary is to be signed on Monday, which is a positive approach and constructive interaction indicating firm intention for the development of bilateral relations.

He also underlined the necessity to follow up health cooperation plan and trilateral food safety between Iran, Hungary and the Netherlands.

Karbasian added that necessary coordination with Chamber of Commerce, Industry and Mine, as the largest guardian of the private sector of the country has been made to establish the necessary cooperation with the Hungarian private sector to develop ties.

He also underlined establishment of joint chamber of commerce between Iran and Hungary to facilitate activities of private sectors of the two countries.

Minister of Economy of Hungary Mihaly Varga reminded that Hungary established its diplomatic relations with Iran since 1939 and the first Iranian embassy was opened in Budapest in 1951.

Prime Minister of Hungary visited Iran on November 30, 2015 after 27 years.

In the meeting of the two economy ministers on Sunday, a contract was signed between Ikarus Company and industrial holding of Bank of Shahr.

Representatives of the private sectors of Iran and Hungary signed four economic cooperation contracts in the presence of economy ministers.

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