Yes, in the manner described, but taking into account that the regular tax rate is 18% or 10%
Profit Tax Act, Article 30b(1):
 Controlled foreign company of a taxpayer is any entity in any organisational and legal form or a permanent establishment situated in another state whose profit is not liable to taxation or is tax exempt in that state if the following conditions have been met:
1. in the case of an entity, if the taxpayer, solely or jointly with associated parties, participates directly or indirectly with more than 50% of voting rights or owns directly or indirectly more than 50% of capital or is entitled to receive 50% of the profits of that entity;
2. the actual profit tax paid by the entity or permanent establishment abroad (other Member State) is lower than the difference between the profit tax that would have been charged on the entity or permanent establishment under the Act and the actual profit tax paid by the entity or permanent establishment.