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Local business chambers get bulk of revenue from mandatory registration fee

The Hungarian Chamber of Commerce and Industry (MKIK) will get 10% of the revenue from mandatory company registration fees and local business chambers will get the rest, MKIK chairman Laszlo Parragh said after an extraordinary meeting of the body on Monday.

 Legislation in force from January 1, 2012 requires all Hungarian companies to register with their local chamber of commerce. The annual registration fee is HUF 5,000.

 Mr Parragh said the MKIK had its own line in the central budget this year for the first time. It was originally allocated HUF 1.9bn, but HUF 400m was transferred to the allocation for arbitration bodies and HUF 1bn of the remaining HUF 1.5bn was frozen, leaving the chamber with HUF 500m at present, he added.

Under an agreement between the Hungarian Investment and Trade Agency (HITA) and MKIK, an independent HUF 1.2bn financial fund will be established that serve the tasks of trade development.