IF IT MOVES, TAX IT: EU proposes online turnover tax for big tech firms.

Under the Commission’s plan, companies with significant digital revenues in Europe will pay a 3 percent tax on their turnover on various online services in the European Union, bringing in an estimated 5 billion euros ($6.1 billion).

EU Economics Commissioner Pierre Moscovici brushed off accusations that he was going after rich American tech companies to enrich EU coffers at a time when the bloc is at odds with the Trump administration over trade and taxation issues.

“This is neither a GAFA (Google, Apple, Facebook and Amazon) attack nor an anti-U.S. attack proposal that will target any company or any country,” he told a news conference.

The tax would apply to large firms with annual worldwide revenue above 750 million euros ($920 million) and annual “taxable” EU revenues above 50 million euros.

I was frankly surprised to read that there are enough EU leaders opposed to make approval uncertain.