Spain’s Minimum Tax to Hit Companies With Revenue Over 20M Euros

Oct. 13, 2021, 4:45 PM

Spain’s new 15% minimum corporate rate tax would apply to companies with annual revenue greater than 20 million euros ($23 million), Finance Minister Maria Jesus Montero said Wednesday.

The new corporate minimum is only an “adjustment,” and could be expanded in a domestic tax reform planned for 2023, or as a result of talks on the OECD-led agreement for a global tax overhaul, Montero said. She made the remarks while presenting the 2022 draft budget bill to Parliament.

“Reform at the international level should be much more ambitious than what we have included in the budget,” Montero added. ...

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