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EU presidency to generate significant conference-tourism and tax revenue

Hungary's six-month rotating presidency of the Council of the European Union to begin on January 1st is expected to produce between HUF 1.7 billion and HUF 3.4 billion in conference-tourism revenue in the country, the business daily Világgazdaság calculated on Wednesday, based on data from the Central Statistics Office (KSH).

The newspaper wrote that the 250 professional and ministerial conferences and meetings to take place in Hungary during the country's EU presidency will generate a total of HUF 1.71 billion revenue for accommodation and catering providers, transportation companies, fuel stations, retail shops, health, cultural and sport services, with the bulk — HUF 1.139 billion — going to accommodation and catering services if calculated with at least 250 one-day events with at least 160 participants each. Each additional day will enhance revenue proportionally.

In either cases, just total VAT income should be between HUF 340 million and 680 million. (MTI-Econews)