EACB comments on the European Commission’s proposal for a Directive on Business in Europe: Framework for income Taxation (BEFIT)

The EACB is concerned that the European Commission’s proposal will increase compliance burdens by adding BEFIT accounting on top of existing requirements like Pillar 2 accounting, local adjustments, and transfer pricing. 
While appreciating the introduction of a 'One-Stop-Shop', the EACB notes that audits conducted at the national level may undermine its benefits and seeks clarification on the 'degree of early certainty' provided by BEFIT Teams. 
Involving multiple tax administrations in BEFIT Teams could lead to lengthy discussions or disagreements, hence we request assurance that taxpayers can achieve certainty, especially regarding response times and consensus-building. 
Emphasizing the need to align tax considerations with local capital adequacy regulations for banking and insurance sectors, the EACB also highlights challenges posed by the proposed filing dates due to simultaneous compliance requirements, and underscores the importance of sufficient preparation time before BEFIT's adoption.