Latest news in Hungary - 31 Oct 2024

- New Film Fund for Hungarian Filmmakers: The Budapest International Film Festival (BIFF) is launching an independent fund to support emerging Hungarian filmmakers, aiming to raise between €500,000 to €1 million in its first year. The fund will finance one feature and one short film, focusing on first- and second-time filmmakers. Read more here

- Changes in Hungary's Autumn Tax Package: Significant amendments include the abolition of special taxes on airlines, pharmaceutical companies, and telecom firms starting January 2025. Additionally, reduced VAT on housing is extended to the end of 2026, while a new transaction fee on cash deposits over 20,000 forints will be introduced. Read more here

- New Speed Cameras Activated in Budapest: Budapest has implemented 26 new speed cameras monitoring traffic across 47 lanes, initially capturing over 38,000 speeding violations during tests. This move is part of improved traffic safety measures following a serious accident last summer. Read more here

- New State-Funded Scholarship Program for Young Parents: Married university students under 30 with children can now access state scholarships, eliminating self-financing fees. This initiative aims to assist young families in higher education, extending support until the child turns 30. Read more here

- Hungary's Economic Recession: Hungary's economy has contracted by 0.7% in Q3 2024, marking a technical recession with declines in consumption and investment. Analysts project a challenging outlook for growth rates in the upcoming year, estimated below 1%. Read more here

- Government to Scrap Special Economic Zones: The Hungarian government is considering the abolition of special economic zones, impacting regions like Göd and Paks. This decision follows local government elections that shifted power dynamics, aiming for better financial governance. Read more here

- Pension Funds to Assist Mortgage Payments: A new law allows voluntary pension fund savings to be used for early mortgage repayments, potentially impacting thousands of homeowners. The initiative aims to boost economic activity amid ongoing economic challenges. Read more here

- Gergely Gulyás Press Briefing: The government is preparing a comprehensive economic action plan alongside discussions on housing issues, public consultations, and new tax proposals. Key economic measures will be unveiled next year, aiming to address Budapest's ongoing economic challenges. Read more here