Finance ministers from 10 European Union countries announced their support of a new plan that would tax the revenues of tech titans including Facebook, Inc. (FB) , Alphabet, Inc. (GOOGL) , Apple, Inc. (AAPL) and Amazon.com, Inc. (AMZN) in the bloc, Politico reported.
The companies have been previously accused of paying minimal taxes to European treasuries. The new plan would have the firms pay taxes on revenues in any country where they do business instead of the current setup, which only requires firms to pay taxes on profit that they report in what are often low-tax countries.
The proposal isn't policy yet, as all members of the EU must approve any change to tax policy before it can be implemented. Those who support the measure said they'll take it up at the December meeting of the EU.
The proposed change was originally put forth by France, whose finance minister said, "We should no longer accept that these companies do business in Europe while paying minimal amounts of tax to our treasuries," Politico reported.
EU Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici said internet companies should "pay their fair share of tax," and that the EU "must tax those companies as we do the so-called classical economy," on CNBC's Squawk on the Street Monday.
Those who disagreed with the proposal, which included leaders from Luxembourg and Denmark, cited concerns over changing the profit-taxing status quo set forth over a century ago and concerns over attracting competition in the tech sector in Europe.
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