Corporate Tax

New minimal corporate tax, finances overcomes first hurdle in Spain

Spain’s plan to set a new minimum corporate tax rate of 15% was approved by the lower chamber on Thursday as a sign of parliamentary support for the coalition government’s proposal.

The measure, which is part of the state budget for 2022, would apply to companies with annual sales in excess of 20 million euros ($ 23 million). The legislature passed the budget with 184 votes to 155 with one abstention.

  • The tax measures in the 2022 budget are modest, Finance Minister Maria Jesus Montero said during the debate on Thursday, adding that her government will push for a more comprehensive tax reform from 2023 next year.
  • The government “must review” …

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