Audi halts Hungarian investments on new tax



Audi AG, Volkswagen AG's luxury brand, has suspended future investments in Hungary because of a new tax, Népszabadság reported, citing a company executive. Audi, which employs 5,200 people at its plant in Győr, western Hungary, has spent Euro 3 billion ($3.8 billion) on production in the country, the newspaper said. Audi is now seeking other locations in central and east Europe for future investments after Hungary introduced a so-called solidarity tax, Népszabadság said, citing Thomas Faustmann, managing director of Audi's Győr plant. The German company has been granted a tax holiday in Hungary until 2011 in Hungary, Népszabadság said. Talks with the government over the new solidarity tax, which would decrease the company's competitiveness compared with its plants in Poland and China, had no results, the newspaper said, citing Faustmann. Hungary's Economy Ministry expects Audi to complete investments worth 160 billion forint in Hungary, Népszabadság reported. (Bloomberg)


Hungary GDP up 6.5% y.o.y. in Q2 Analysis

Hungary GDP up 6.5% y.o.y. in Q2

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

Muni Council Organizing Meeting to Improve Air Quality City

Muni Council Organizing Meeting to Improve Air Quality


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.