Hungarian Gov’t Adds HUF 5bn To Olympics Budget

  • 30 Dec 2015 8:00 AM
Hungarian Gov’t Adds HUF 5bn To Olympics Budget
The government will increase funding for Budapest’s 2024 Olympic bid from Ft 10 billion to Ft 15 billion, under a resolution approved before Christmas. The feasibility study for the bid to host the 2024 summer games put the total cost of the bidding effort at Ft 10 billion. In addition, the government aims to raise a further Ft 4 billion through tax breaks for corporate sponsorship, boosting the total budget for the bid effort to Ft 19 billion over the next two years.
A government decree orders the Development Ministry to spend Ft 9.5 billion in each of 2016 and 2017 on the bid.

An entry in the decree suggests that the company tax allowance will be extended to donations given to the Olympics bid.

Details are not known but it is likely that the tax breaks for corporate sponsorship of spectator sports – such as football, ice hockey, handball, basketball and water polo – will be expanded.

This form of indirect state subsidy still has to be approved by the European Commission.

Source: Hungary Around the Clock

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