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Gov’t to reduce tax allowances for investments

Tax allowances for investments in Hungary's more developed regions will fall from the start of next year, while allowances for investments in underdeveloped regions will remain unchanged, undersecretary at the Finance Ministry Tamás Katona said on Thursday.

The limit for tax allowances on investments in the underdeveloped regions of Northern Hungary, the Northern Great Plain, the Southern Great Plain and Southern Transdanubia will remain unchanged at 50%, while the limit in Central Transdanubia will fall from 50% to 40% and in Western Transdanubia from 50% to 30%.
About ten companies have received the tax allowances in the last three years. The allowances, worth a combined Ft 180 billion, were awarded for investments worth a combined Ft 400 billion. About 80% of the investments were in the production sector.