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Hungary's government is on its way to cut the corporate tax to the lowest level in the EU in a sign of increasingly competitive tax practices among countries seeking to lure foreign direct investment, according to the Financial Times.
Prime Minister Viktor Orbán said a new 9% corporate tax rate would be introduced in 2017, significantly lower than Ireland's 12,5% and Bulgaria's 10%.
Economists said the measure would mainly benefit midsized Hungarian and foreign-owned companies with more than EUR 2 M in revenue.
Orbán has signalled a desire to reduce taxes since Hungary emerged from EU budgetary discipline measures in 2013. Hungary raised some taxes in 2010 to avoid an international bailout.
However, Hungary's parliament has already approved the 2017 budget and it is unclear when a vote on the measures will take place.
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