Brussels is to propose a levy on large companies operating in Europe as part of an effort to create new streams of independent funding for the EU’s €1tn-plus common budget.
The so-called corporate resource for Europe, outlined in a draft European Commission proposal seen by the Financial Times, is to be unveiled next week but needs unanimous support from member states to enter into force.
The annual tax would apply to all companies with turnover in excess of €50mn after taking account of subsidies and taxes, what the EU defines as “net turnover”.
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