Companies to See Savings From EU Tax Reform, Commission Says

Large groups operating in the EU would see their tax filing costs fall by as much as two-thirds, thanks to a common corporate tax base working in tandem with the global minimum tax, the European Commission said in proposals issued Tuesday.

The common EU tax base, known as Business in Europe: Framework for Income Taxation (BEFIT), would apply to companies with revenues of at least 750 million euros ($803 million) from July 1, 2028. Smaller groups would be able to opt in, the commission said in a statement Tuesday.

Tax liabilities would be assessed by “BEFIT teams” comprising tax officials ...