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11/28/2022, 10:43 AM (Source: TeleTrader)
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EU's corporate tax reform to replace national taxes

European Commissioner for Economy Paolo Gentiloni said on Monday that the European Union's upcoming corporate taxation framework will replace individual national business tax rules. The Business in Europe: Framework for Income Taxation (BEFIT) is planned for the third quarter of 2023.

Gentiloni told the EU's Tax Symposium that the tax reform will "reduce compliance costs and barriers to cross-border investment." It also aims to simplify the common tax base and the sharing of taxable profits between member states, helping reduce "harmful tax competition."

Baha Breaking News (BBN) / DJ