Spain Corporate Minimum Tax Rate Gets Backing of Key Committee

Nov. 18, 2021, 4:26 PM

The Spanish government’s plan for a new corporate minimum tax rate of 15% on Thursday won the backing of the lower house’s Finance Committee, putting it on track for a vote by the full body.

The new tax rate—a component of the government’s 2022 budget package—would drop to 10% for new companies and rise to 18% for banks and petroleum companies, effective Jan. 1. It would affect companies with annual revenue of over 20 million euros ($23 million) and apply to their domestic tax bases.

The Finance Committee voted 19-15, with three abstentions, to ratify ...

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