Hungary to undercut Ireland's corporate tax rate, offering EU's lowest rate at 9%

Hungary to undercut Ireland's corporate tax rate, offering EU's lowest rate at 9%

Hungary is to undercut Ireland and introduce the EU's lowest corporate tax rate.

The Hungarian Prime Minister Viktor Orban (pictured) announced yesterday they will lower their tax rate for businesses to single digits.

The new 9% flat rate will apply from next year and will cost Hungary more than €470m. The current rate is 10%, with 19% applying to profits above €1.9m.

It will make Hungary's rate the lowest in the EU. It undercuts the 12.5% rate offered by Ireland and Cyprus.

The news comes after a senior economic advisor to Donald Trump said the new administration in the US would also slash its corporate tax rate.

Stephen Moore confirmed the new US administration would cut the US business tax from 35% to 15% to stimulate business investment - and said they learned that lesson from Ireland.

More in this Section

LVA chides Dublin pubs on takeaway sales and outdoor drinkingLVA chides Dublin pubs on takeaway sales and outdoor drinking

Seahorses, snakes, and wildcat teeth seized by customsSeahorses, snakes, and wildcat teeth seized by customs

Top civil servant queried change to political pensions info ruleTop civil servant queried change to political pensions info rule

Man due in court after shots fired at gardaí in CorkMan due in court after shots fired at gardaí in Cork


Lifestyle

Kya deLongchamps takes us on a rustic ramble through the garden.Take the path less travelled to add interest to your garden

As the government continues to warn against non-essential travel this summer, people have been re-discovering this beautiful country of ours by booking a variety of staycations or as the cool kids are now calling it, a localiday.Six unique things to do on your staycation in Cork

The chef and cookery author breaks down his culinary habits for Ella Walker.2 minutes with Irish chef JP McMahon – who loves a spag bol and has never cooked seal

Arts Editor Des O'Driscoll provides today's top telly tips.Monday's TV highlights: Spurs vs. Everton, and drama from 'Love/Hate' and 'I May Destroy You'

More From The Irish Examiner