Spain Parliament Passes Law Establishing Global Minimum Tax

Spain’s parliament passed into law Thursday a bill to establish a minimum tax for large multinationals, alongside a package of other revenue-raising measures.

The parliament voted on amendments made to the bill by the Senate, approving some changes to offer tax breaks to victims of recent flooding and rejecting others to earmark some funds for house building.

The bill establishes a minimum 15% tax rate on multinationals with revenue over 750 million euros ($792 million), as part of the global reform led by the Organization for Economic Cooperation and Development.

The European Commission referred Spain, alongside Cyprus, Poland, ...