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Report: Government to give tax breaks to supporters of Budapest Olympics

Parliament

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.

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