In a narrow 20-17 vote, a Spanish parliamentary committee approved a bill introducing a 15% global minimum tax rate for multinational corporations earning over €750 million ($792 million) annually. This aligns with the OECD’s global tax reform efforts and could become law by year-end if opposition parties maintain their support. The vote follows extended negotiations and delays as the governing coalition attempted to gather backing for broader tax reforms, including ending corporate tax exemptions and making temporary windfall taxes on banks permanent. While these measures were largely rejected, the committee approved raising income tax on savings above €300,000 and reinstating corporate tax deduction limits overturned by the constitutional court. Spain, facing EU scrutiny for missing a directive deadline, now prepares for a final plenary vote on Thursday.
To read about the specifics of the Bill, click here.