🇪🇺EU seeks to tax US big tech to raise revenue despite retaliation fears

The European Commission is revising its “Corporate Resource for Europe” (Core) proposal, under which firms generating more than $111 million in annual EU revenue would pay a fixed yearly contribution, six officials close to the talks told the FT.

The measure would capture only a relatively small portion of a multinational companies' overall earnings. Core forms one of five proposed EU “own resources” intended to generate roughly $77bn a year for the common budget from 2028.

The plan has met strong resistance from most member states because it could prompt a US response, and any revision would require unanimous approval from all 27 EU countries.

A further concern is that the proposal could place some mid-sized EU companies at a competitive disadvantage relative to rivals based outside the bloc.

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