On 4 November 2021, the Spanish lower chamber passed the budget for 2022 which provides for a minimum corporate tax rate of 15% of the tax base for certain taxpayers from 2022. It applies to companies with a net turnover of at least 20 million euros or to companies that have opted for tax consolidation regardless of their turnover. For start-ups that benefit from the reduced rate of 15%, this minimum rate will be reduced to 10%. The minimum rate will be 18% for credit institutions and for companies operated in exploration, research, and exploitation of hydrocarbon deposits and underground storage facilities, whose general rate is 30%.
Tax Treaty News: November 2021
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