Spain’s Long-Delayed Global Minimum Tax Bill Passes Committee

A Spanish committee narrowly passed a bill to establish a global minimum tax rate for large corporations but rejected other revenue raising amendments in a marathon session that concluded early Tuesday morning.

The Finance Committee approved the bill with a 20-17 vote to introduce 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 Development and Cooperation.

The vote means Spain should be able to legislate the measure before the end of the year, unless opposition parties who supported it change their ...