Corporate income tax cuts announced

The Government has announced plans to cut the general corporate tax rate from the current 35% to 30%, and to cut the reduced corporate tax rate applicable to small and medium-sized companies from the current 30% to 25%.
Tax deductions will be also reviewed.
The amendments will be gradually introduced within a 3 to 5 year framework. They are aimed at increasing the competitiveness of companies established in Spain, and aligning the current corporate tax rate to the tax rate applicable in other …