New Corporate Minimum Tax, Budget Pass First Hurdle in Spain

Spain’s plan to set a new 15% minimum corporate tax rate passed the lower chamber Thursday, in an sign of parliamentary support for the coalition government’s proposal.

The measure, part of the country’s 2022 budget, would apply to companies with annual revenue over 20 million euros ($23 million). Lawmakers passed the budget in 184-155 vote, with one abstention.

• The tax measures in the 2022 budget are modest, Finance Minister Maria Jesus Montero said during the debate Thursday, adding that her government will next year push for broader tax reform to be implemented from 2023.
• The government “has to review” ...