Absorb European margins before tax (7)
I believe the answer is:
engross
'absorb' is the definition.
('engross' can be a synonym of 'absorb')
'european margins before tax' is the wordplay.
'margins' suggests removing the centre (the letters on the margins are used).
'before tax' becomes 'gross' (as in gross profit).
'european' with its centre removed is 'en'.
'en'+'gross'='ENGROSS'
(Other definitions for engross that I've seen before include "Absorb, captivate" , "Completely absorb" , "Occupy attention fully, absorb" , "Engulf" , "grab attention" .)