The European Union's finance ministers are discussing a plan to raise the taxes for multinational digital companies such as Google and Facebook, but some smaller states warn it may have a harsh economic impact. Rough cut (no reporter narration).
A plan by the European Union to raise taxes on multinational Internet companies such as Facebook and Google is showing its first cracks as some smaller EU states warn of a possible harsh economic impact. The bloc's finance ministers are meeting in Estonia to discuss the deal, which only has the backing of about a third of the 28 member states. It would need unanimous consent to reduce the risk of legal challenges. France is leading the push for a new way to tax the industry's titans. The European Union has said Google and Facebook may have cost it up to 5.4 billion euros in tax revenue between 2013 and 2015, by routing their profits through low-tax states such as Ireland and Luxembourg.