European Commssioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici addresses a press conference at the European Union in Brussels on March 21, 2018. AFP / EMMANUEL DUNAND
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The European Union Wednesday unveiled new plans to make big tech companies pay more taxes in a move that would, if endorsed, hit online U.S. firms like Google and Facebook.It would concern any country where a firm's annual revenue exceeds 7 million euros ($8.6 million), or which has more than 100,000 users or more than 3,000 digital service business contracts in a tax year.The plan also includes an interim measure that would allow countries to tax at a rate of 3 percent companies with total annual revenue of 750 million euros and revenues in Europe of 50 million euros. The European Commission estimates that up to 150 companies could be affected, around half of them from the U.S.The 28 EU nations, which must endorse the plan, are divided and it might never see the light of day.
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