The Google logo is seen at the Young Entrepreneurs fair in Paris, France, February 7, 2018. REUTERS/Charles Platiau /File Photo
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Large companies with significant digital revenues in the European Union such as Google and Facebook could face a 3 percent tax on their turnover under a draft proposal by the European Commission seen by Reuters.The tax, if backed by EU states and lawmakers, would only apply to large firms with annual worldwide revenues above $924 million and annual "taxable" revenues above $70 million in the EU.Companies with thinner margins, like Amazon, which often operate at a loss would be hit hard by a tax on turnover, whereas they are largely exempt from taxes on profits.Some U.S. firms, however, could offset the higher tax in the EU with lower tax payments to U.S. authorities that would be required under a new U.S. levy on overseas profits foreseen in President Donald Trump's recent tax overhaul.
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