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Spain's Prime Minister proposes higher corporate tax for banks

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Spain's Prime Minister proposes higher corporate tax for banks

Spain's acting Socialist Prime Minister Pedro Sanchez is proposing a minimum corporate tax rate of 15%, but a higher one for financial institutions of 18%, in proposals announced on Sept. 3.

Sanchez is trying to form a coalition after elections in April and so far talks with far-left party Podemos have proved inconclusive.

Spain currently has a corporate tax rate of 25%, but according to tax information on news website El Economista companies usually manage to reduce that figure to 12% through tax deducations.

The Socialist Party has previously put forward proposals to tax the sector.