Spain has a corporate income tax rate of 35% and has never been considered a financial center. However 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. 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 will introduce proposals into parliament aimed at simplifying and cutting rates of taxation, including corporate tax. Mr Solbes revealed that the Socialist Party government wishes to unify the various rates of capital gains taxes and implement a cut in the corporate tax rate to 30%, bringing the Spanish company tax rate more into line with the European Union average. However, in a bid to make the reforms revenue neutral, Mr Solbes stated that the government will also seek to phase out a number of corporate tax deductions.
The tax cuts will go before Spain's Parliament and are expected to be implemented in 2007.
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