Nearly half a billion HUF state support for key summer festivals

This year, the government supports the Sziget, Volt and Balaton Sound Festivals with a total of 150 million HUF, while the Nagyon Balaton will receive 337 million HUF – the Minister of State of the Ministry of Human Resources told at the Parliament on Friday in Budapest.

Rétvári Bence, Minister of State of the Ministry of Human Resources told that 10-12 percent of tourism revenues of the country is generated by the festivals. The festivals create an annual revenue of 100 billion HUF and provide job opportunitiesfor many of the locals. He added that the big festivals have to face serious international competition, so the government last year has reduced the VAT content of entrant tickets from 27 to 18 percent. (MTI)