Jul 17, 2018

Hungarian government submits bill on highlighted developments in Budapest

Hungary's regeneration project continues as government secures future developments in Budapest and around the country

The Hungarian government has submitted a bill on highlighted developments in Budapest. 

According to MTI, the bill defines how the state will be involved in major developments in Budapest, including a new Student City.

The bill - sponsored by Gergely Gulyás, the head of the Prime Minister’s Office - outlines that future developments in Budapest will receive highlighted status if, among other conditions, they are financed by the government or by the European Union. 

Reports state that the bill also defines a “top international sporting event”. 

A state non-profit will be responsible for the preparation of key developments in Budapest, investments, planning and licensing, as well as the organization of major international sporting events. 

Plans are also in the pipeline for the development of an athletic stadium with accompanying facilities, leisure park and rowing centre as part of the Student City in southern Pest and northern Csepel. 

The bill also includes plans for the Buda Castle and its surroundings. 

The bill also seeks to amend legislation on investments of major importance for the national economy, complementing it with the term “high-priority public investment” covering investments in energy, transport development, environmental protection, water protection, disaster management, defence, national security, public administration, education, health, research and development, culture, heritage, sport and urban development. 

Finally, the bill aims to change the 1996 corporate tax and dividend law and the 2004 law on film production in light of the European Commission’s approval of an increase of the tax subsidy from 25 percent to 30 percent as part of the Hungarian film support program.