On 26 September 2014, the Spanish government approved the 2015 draft budget for submission to parliament. No additional tax changes are expected from the budget, aside from the reductions in corporate and individual income tax approved for submission to parliament in August, which include:
- A reduction in the corporate income tax rate from 30% to 28% in 2015 and to 25% in 2016 (25% in 2015 for companies with a taxable base less than €300,000)
- An overall reduction in individual income tax rate…