Latest news in Hungary - 24 Feb 2025

** New family tax benefits ** Train collision near Budapest ** New NAV procedures ** Orbán advocates for cash ** Budapest commemorates Ukraine war ** Karácsony wins in court ** Szijjártó in Brussels **

February 24, 2025

- Orbán Advocates for Cash Rights: Prime Minister Viktor Orbán supports a proposal to enshrine the right to cash in Hungary's constitution, positioning cash as a freedom amidst a digital currency discussion. This aligns with similar movements in Slovakia. Read more here

- New Family Tax Benefits Announced: The Hungarian government introduced new tax exemptions for families with three children, potentially increasing their income by nearly 20%. Meanwhile, families with one child will see only a modest increase. This initiative aims to support families as elections approach. Read more here

- Train Collision Leads to Delays: A train incident near Budapest’s Salgótarján Street has caused significant delays at Eastern Railway Station. Train services to Lake Balaton are also affected, with substitute bus services being arranged. Read more here

- Budapest Commemorates Ukraine War Anniversary: A memorial event in Budapest attended by around 1,300 people marked three years since the onset of the war in Ukraine. Mayor Gergely Karácsony stressed the importance of supporting Ukraine, criticizing Russian aggression and the current Hungarian government's stance. Read more here

- Karácsony Wins Court Verdict Against Government: Budapest’s Mayor Gergely Karácsony announced a victory in court to recover 28 billion forints taken unlawfully by the government in 2023, with the city also entitled to interest. Further legal action is planned for the remaining amount. Read more here

- Szijjártó in Brussels for EU Talks: Hungarian Foreign Minister Péter Szijjártó attends an EU Council meeting to discuss sanctions and arms funding amid ongoing war efforts, reinforcing Hungary's critical stance against additional sanctions. Read more here

- NAV Launches New Data Procedures: The National Tax and Customs Administration has begun a new data reconciliation process for VAT returns. Companies have 15 days to address any discrepancies or face fines, highlighting the importance of compliance. Read more here

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