The Spanish Government approved the Annual Regulatory Plan for 2023 on 31 January 2023, which contains all the measures it plans to approve in 2023. With respect to taxation, the main measure is the transposition of Article 4 of the EU Anti-Tax Avoidance Directive (ATAD) relating to limitations on the deduction of interest expense. Because Spain's current interest deduction restriction rules were considered equally effective as those in ATAD (generally, 30% of EBITDA), it was authorized to …