The general rate of company taxation in Spain has been reduced in 2015 to 28 percent and will fall to 25 percent in 2016. Newly formed companies pay 15 percent for the first two years of business. Company tax returns must be filed within six months and 25 days after the end of the accounting period. Payment is by instalments in April, October and December, each instalment usually being 18 percent of the tax liability.