Spain Gazettes Law on Global Minimum Taxation for MNEs Under OECD Pillar 2 Initiative

The Spanish Official Gazette Dec. 21 published Law No. 7/2024, on ensuring a global minimum 15 percent level of taxation for multinational groups (MNEs) operating in Spain with consolidated revenue of at least 750 million euros (US$779.8 million) in at least two of the four immediately preceding tax years, under the OECD’s Pillar Two global minimum tax initiative and EU Directive 2022/2523. The law includes measures: 1) setting rules for determining the tax base subject to the global minimum tax; 2) applying a supplementary tax and income inclusion rule (IIR) for tax periods beginning on or after Dec. 31, 2023; ...