Financial Transaction Tax Passes First Hurdle in Spain

Spain’s financial transaction bill won a vote in the Lower House on Thursday, in an early sign of parliamentary support for the left-leaning governments efforts to increase tax collection.

Some opposition parties were concerned the burden would fall on small investors, that a unilateral bill would be ineffective, and that Spain needed tax cuts in the face of the economic shock delivered by the pandemic. But the measure was approved196-152.

The bill proposes taxing at 0.2% the purchase of shares of Spanish companies with a market capitalization higher than 1 billion euros ($1.1 billion).

The bill will now ...