The axiom system ACP of [BEK84a] was extended to cliscrete time in [BAB95]. Here we proceed to define the silent step in this theory in branching bisimulation semantics [GLW91, BAW90] rather than weak bisimulation semantics [MIL89, BEK85]. We present versions based on relative timing and on absolute timing. Both approaches are integrated using parametric timing. The time free ACP theory is embedded in the discrete time theory. Note: Partial support received from ESPRIT Basic Research Action 7166, CONCUR2.