In 2017, Hungary reduced its corporate tax rate from 19% to 9%, officially giving it the lowest rate in the European Union. The move came as part of Prime Minister Viktor Orbán's mission to attract significant foreign investment.

Like Ireland, Hungary has previously resisted calls for a 15% minimum global tax rate. After securing several key changes to the agreement, however, including the introduction of a 10-year transition period, the country has agreed to implement the change.

Speaking in October 2021, the Hungarian finance minister Mihaly Varga said: "Hungary's position has been consistent throughout: we made it clear that we would only adopt a global minimum tax that does not lead to a tax increase in Hungary, does not endanger the competitive advantage of the Hungarian economy, and protects the workplaces of the Hungarian people". The new rules will reportedly only affect multinational businesses.

Countries with the lowest corporate tax rates