On 17 November 2016, Hungary's Prime Minister Viktor Orbán announced that the government is planning to cut the corporate tax rate to 9% for all companies in 2017. Currently, a 10% rate applies for taxable income up to HUF 500 million with a 19% rate applying on the excess. The government is also planning to reduce the value added tax (VAT) rate on internet services from 27% to 18% in 2017 and subsequently down to 5% in 2018.