On 1 August 2014, Spain's Council of Ministers approved the submission of final draft legislation to parliament concerning changes to corporate and individual income taxes. Initial draft changes were approved by the Council on 20 June 2014, including:

• 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…