I was always under the impression that it was much lower so gave them an advantage. It’s why ffp doesn’t work when Monaco for example is so low
It was lower at one time but as is the case with taxes in general in Spain, the laws were changed - it's why many salaries appear double in order to account for the high tax rate, else Spain would see a drain in talent. For example, CR recently received the largest ever tax fine for having only paid 4% on his earnings during his time in Spain when it was meant to be 45%