VAT cut ‘could save Hungarian live sector’
The Hungarian government is being urged to reduce VAT on tickets to a flat 5% to support the struggling live music industry
News By IQ | 17 November 2020
The Hungarian live music business is calling on the government to support the industry by slashing the sky-high VAT levied on concert and festival tickets. Currently, value-added tax is charged at 27% on concert and 18% on festival tickets in Hungary.
According to a new report by PricewaterhouseCoopers (PwC), the Hungarian government could give the industry – whose revenues are 10% what they were in 2019 – a shot in the arm, and make it more “crisis resistant” in future, by cutting…
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