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Spain
has a corporate income tax rate of 30%
(2010) and has never been considered a
financial center. In order to attract
the headquarters of foreign multinational
companies Spain accords favorable tax
treatment to entities known as "co-ordination
centers" in the Basque and Navarre areas.
However, these schemes had to be terminated
as a result of an adverse ruling by the
European Commission. Spain has a relatively
benign holding company taxation regime;
and there is Venture Capital Fund legislation
offering substantial tax breaks.
Spain's
Economy Minister Pedro Solbes said in
January, 2006, that the government would
introduce proposals into parliament aimed
at simplifying and cutting rates of taxation,
including corporate tax, which at that
time was 35%.
However,
in a bid to make the reforms revenue neutral,
Mr Solbes stated that the government would
also seek to phase out a number of corporate
tax deductions.
In
the grip of recession, and desperate to
reduce its soaring budget deficit, the
Spanish government announced in September
2009 that its 2010 austerity budget contains
almost EUR11bn in proposed tax increases.
From
July 1, 2010, the government aims to increase
the standard rate of VAT from 16% to 18%,
and to increase the reduced VAT rate currently
applied to services and food production
from 7% to 8%.
The government
also plans to abolish the annual income
tax deduction of EUR400 accorded to every
employee, and to increase the tax levied
on capital gains over EUR6,000 from 18%
to 21%.
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