Hungary cuts corporate tax rate to 10%
The Hungarian parliament approved, on 22 July 2010, legislation that reduces the 19% corporate income tax rate to 10%, the lowest general corporate income tax rate in the European Union, for income up to HUF 500 million ($2.25 million). The 19% rate will continue to apply to income that exceeds this.
The rate change, which was proposed by the new government to attract investment, was adopted under an expedited procedure and applies retroactively from 1 July. Because the rate change became effective mid-year, 2010 tax calculations should be made on a divided tax year basis.
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