Today the Hungarian law to ratify the Convention between the Government of Hungary and the Government of the Kingdom of Bahrain for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (signed on 24^th February 2014) has been published.

With the Hungarian Party's publication today, the Convention shall enter into force soon, as follows (the Bahraini Party has already ratified the Treaty on 26^th March 2014):

 

Act No. XLIX. of 2014: "Article 28. ENTRY INTO FORCE
1. The Contracting Parties shall notify each other through diplomatic channels that their domestic requirements for the entry into force of this Convention have been complied with.
2. This Convention shall enter into force on the 30th day following the receipt of the latter of the notifications referred to in paragraph 1 and its provisions shall have effect in both Contracting States:
(a) with respect to taxes withheld at source, on income derived on or after 1 January of the calendar year next following that in which the Convention enters into force;
(b) with respect to other taxes on income and taxes on capital, for taxes chargeable for any tax year beginning on or after 1 January of the calendar year next following that in which the Convention enters into force."