Pedro Sánchez, Spain’s new prime minister, in his speech before parliament has promised to make changes to the rules of corporate tax and establish a new minimum of an effective tax rate and increase public spending.

Mr. Sánchez stated that his government would seek to “redesign” corporate tax to ensure that the effective rate of large corporations is close to the headline rate of 25 percent.

He intends to close tax loopholes in more redistributive policies and crack down on tax avoidance and evasion by legislating to prevent the further use of tax amnesties. Also Mr. Sánchez is planning to put together a new list of jurisdictions that will be classified by the Government as "tax havens."

Mr. Sánchez has proven himself as a person who has a very radical vision of contemporary Spanish politics. He became Prime Minister just a month ago following a vote of no-confidence in his predecessor Mariano Rajoy, and already have promised to dissolve parliament and call for fresh elections.