Spain is to publish its plans for reform of the individual income tax system in June 2014. The reform would aim to simplify the tax system to reduce the amount of compliance costs currently incurred by Spanish companies. The reforms are likely to include a reduction in the number of individual tax bands, a reduction in the highest marginal tax rate and a cut in the threshold at which liability for that rate commences. There is also likely to be a reduction in the corporate tax rate to a level around 20 percent. The measures would be intended to come into effect from 1 January 2015.