ADVERTISEMENT

Govʼt launches ʼCity Home Creation Programʼ

Initiatives

Hungaryʼs government has mandated measures for the launch of a "City Home Creation Program" that aims to incentivize environmentally-friendly residential developments in brownfield areas in a resolution published in the latest issue of the official gazette Magyar Közlöny, according to a report by state news wire MTI.

The government declares its support in the resolution for the application of a preferential 5% VAT rate to homes built in the framework of the program.

Hungarian lawmakers approved legislation earlier in July on reducing the VAT rate from 27% to 5% for homes constructed in brownfield areas designated "rust belt" zones by the government.

The goals of the program are to support the creation for city dwellers of "a first or a new home, either self-owned or in a rental flat", to "support job preservation, job creation and the stable operation of businesses through economic stimulus and investment incentives", and to "promote the renewal of unused and neglected rust belt zones in cities".

The resolution instructs the head of the PMʼs Office, the finance minister, the innovation and technology minister, the farm minister, the human resources minister and the minister without portfolio in charge of managing state assets to draft an action plan establishing the legal and physical conditions necessary for the consolidation of the rust belt zones.

ADVERTISEMENT

Pressure increasing on CFOs - PwC survey Analysis

Pressure increasing on CFOs - PwC survey

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.