EU unveils plans to make big tech companies pay more taxes

The European Union on Wednesday unveiled plans to make big tech companies pay more taxes. The move could, if endorsed, hit online US firms like Google and Facebook, AP reported. The European Commission says that digital companies must pay their fair share, adding that EU member countries should be able to tax firms that make profits on their territory even if they aren’t physically present. It would concern any country where a firm’s annual revenue exceeds $8.6 million, or which has more than 100,000 users or more than 3,000 digital service business contracts in a tax year. The commission estimates that up to 150 companies could be affected, around half of them from the US.