On 20 June 2014, Spain's Council of Ministers approved draft measures cutting Spain's corporate and individual income tax rates, as well as other changes. The changes will be part of the country's next tax reform, and 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 red…