Spain’s Lower House Passes Minimum Tax in Broad Reform Package

Spain’s lower house approved a tax reform package by a thin margin Thursday, bringing the country one step closer to introducing a global minimum tax for large multinationals.

The package, backed by a 178-171 vote, would establish 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.

Spain, alongside Cyprus, Poland, and Portugal, was referred to the European Court of Justice by the European Commission in October for failure to transpose the European Union’s minimum tax directive by the Dec. ...