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Apr 06, 2020

Coronavirus Update: More details emerge on epidemic response fund

Contributions to the epidemic response fund will include 50 percent of the state funding received by political parties this year, taxes on multinational retailers and the financial sector as well as vehicle property taxes paid to local governments.

The Hungarian government is setting up a HUF 663 billion (EUR 1.8bn) fund to combat the novel coronavirus epidemic and a HUF 1,345 billion fund aimed at protecting and restarting the economy.

Contributions to the epidemic response fund will include 50 percent of the state funding received by political parties this year, taxes on multinational retailers and the financial sector as well as vehicle property taxes paid to local governments.

Political parties will have to pay HUF 1.2 billion into the fund, taxes on retailers will make up HUF 36 billion and banks will be expected to contribute HUF 55 billion forints.

The vehicle property taxes to be diverted from local governments will amount to HUF 34 billion. The state budget currently has HUF 378 billion in reserves to fight the virus. The measures will enter into effect on April 15 or May 1.

Contributions to the fund being set up to restart the economy will include HUF 992 billion diverted from ministry budgets and the HUF 423 billion forints that make up the revenue of the National Employment Fund.

A call center set up for advice on the coronavirus can be reached on +36-80-277-455 and +36-80-277-456 or by email koronavirus@bm.gov.hu