Spain Eyes Taxing Stock Trades in Search for New Revenue

Spain’s left-leaning government is pushing ahead with a tax on trades of stock with the hope that it could bring in billions of euros in much-needed revenue.

The proposed financial transaction tax would hit traders dealing with the sale of the shares of about 60 Spanish companies, such as clothing giant Inditex, Santander Bank, and electric utility Iberdrola.

The measure is part of the government’s broader efforts to overhaul its tax code and remedy what it says is a historic revenue shortfall. Finance Minister Maria Jesus Montero predicted a 5.5% drop in tax revenue from last year—the largest since 2009 ...