Report: Government to give tax breaks to supporters of Budapest Olympics
Under a proposed bill Hungary’s National Economy Minister Mihály Varga submitted to Parliament yesterday, firms supporting the state-owned company responsible for tendering the bid for Budapest’s Olympic Games, would receive tax allowances, Hungarian online daily index.hu reported today.
The proposal says that companies that sponsor the tendering process would receive tax allowances similar to those received by companies that support arts organizations, film productions and recreational sports, index.hu reported.
The tax benefits for 2015 and 2016 would be capped at HUF 19 billion, Hungarian news agency MTI said.
According to estimates, organizing the Olympic Games could cost Hungary HUF 800 billion in developments, index.hu reported.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.