EU Committee Approves Changes to Corporate Tax Overhaul Bill

The European Parliament’s economic affairs committee on Wednesday adopted an amended version of a bill meant to consolidate the tax base of all EU companies.

The bill, known as Business in Europe: Framework for Income Taxation, or BEFIT, received 33 votes in favor and 19 against with five abstentions, according to a release.

Deputies added a number of recommendations, including a so-called significant economic presence clause, which would mean companies with more than £1 million ($1.17 million) in revenues would be considered as permanently established.

This rule, the release explained, “would help in the identification of which ...