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European Commission Extends Consultation on Framework for Income Taxation (BEFIT) Initiative — Orbitax Tax News & Alerts

The European Commission has extended its public consultation on the Business in Europe: Framework for Income Taxation (BEFIT) initiative. As previously reported, this initiative aims to introduce a common set of rules for EU companies to calculate their taxable base while ensuring a more effective allocation of profits between EU countries, based on a formula. It also aims to reduce compliance costs and create a coherent approach to corporate taxation in the EU. The consultation feedback period as extended runs to 26 January 2023.