Tax allowance for those supporting Hungary’s Olympic Games tender
Hungary: Tax incentive, Olympic Games tender
A new draft law has been submitted to the Hungarian Parliament that, if enacted, would amend the Hungarian corporate income tax law regarding certain donations. The draft law provides that companies making donations towards the preparation of an offer to host the Olympic Games in Budapest would be able to qualify for a tax allowance.
The new tax incentive system would provide an opportunity for companies to donate to a non-profit-making organization that would be established by the Municipality of Budapest and the Hungarian Olympic Committee—such donations coming from companies’ business profits—in order to cover the expenses of the tender for potentially hosting the XXXIII Summer Olympic and the XVII Paralympics Games in Budapest.