This month the European Union (EU) will unveil plans to tax the revenue of large global tech companies such as Apple in the 2% to 6% range (though likely closer to 2% than to 6%), French Finance Minister Bruno Le Maire said in a Le Journal du Dimanche interview as noted by Reuters.
The EU is an institution of the European Union. It’s responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU.
A draft European Commission document seen by Reuters in February and subject to changes before its publication, proposed a levy based on where the customer – rather than the company - is located. The charge would be based on 1% to 5% percent of the company’s“aggregated gross revenues.” President Emmanuel Macron’s government has proposed taxing the tech giants on revenues rather than profits, to get around the problem that the companies shift the profits from where they are earned to low tax jurisdictions.