Latest news in Hungary - 20 Jun 2025

Revolut Faces New Tax Regulations: The Hungarian government is targeting fintech companies like Revolut and BinX with new tax measures that aim to enforce transaction fee payments, leveling the playing field with domestic banks. The recently approved measures may change the cost structure for neobanks, potentially impacting their competitive edge over traditional financial institutions. Read more here

Mol to Build New Stadium and Sports Park in Újpest: Mol Nyrt. has acquired the Újpest football club and plans to construct a modern stadium with a capacity of 18,000 seats by the 2027 season, alongside a sports park and various amenities on a 180,000 square meter site. The project aims to address accessibility issues and create state-of-the-art infrastructure to attract talent and enhance the local community. Read more here

Renovation on Trams 4 and 6 Begins: Starting June 22, trams 4 and 6 will operate on a shorter route until July 31, with replacement buses shuttling between Széll Kálmán Square and Nyugati Railway Station due to track renovations. Approximately 280,000 passengers use these busy lines daily, making the upgrades essential for smoother service. Read more here

Majority of Academic Workers Oppose ELTE Merger: A recent vote revealed that nearly 90% of employees from twenty research institutes in the social and humanities fields rejected a merger proposal with ELTE, with participation from over 800 of the 1200 staff. This decision comes as the Hungarian Academy of Sciences has offered to take over these centers, which are currently under HUN-REN, raising questions about the future of their organization. Read more here

Controversy Surrounds Budapest Pride Ban: The Budapest police chief has banned the upcoming Pride parade, using a video not filmed at the event as justification. This decision has been criticized by participants, including activist Kristóf Steiner, who argues that the police's use of private photos misrepresents the event. Despite the ban, the Metropolitan Municipality plans to host the Budapest Pride Freedom Festival on June 28. Read more here

Tibor Kapu's Space Mission Delayed Again: The launch of the Axiom-4 mission, featuring Hungarian astronaut Tibor Kapu, has been postponed once more, with NASA canceling the planned June 22 liftoff due to ongoing issues with the ISS's Zvezda module. Kapu remains in quarantine while NASA works to finalize a new launch date, as the Hungarian space program aims to stake its claim in the burgeoning space industry. Read more here

Increased Family Tax Benefits Coming in Phases: Starting July 1, 2025, Hungary will increase family tax allowances, aiming to support working parents with children. Benefits will rise from 10,000 HUF to 15,000 HUF for one child, and progressively for larger families, with further increases set for January 1, 2026. Parents are advised to ensure their tax declarations reflect these changes for accurate allowances. Read more here

The Drought Crisis in Hungary: Hungary faces a critical drought as the top 50 centimeters of soil is severely dry, with an 80-120 mm precipitation deficit reported. This situation, exacerbated by high temperatures and a dry winter—marked as the 12th driest since 1901—raises concerns over agricultural productivity and food resources, with predictions of increasing drought frequency in the future. Read more here

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