EU Weighs Broad Levy That Could Raise Big Tech Contributions

The European Commission is considering changes to a proposed broad levy on companies operating in the European Union that could increase the amount paid by large technology groups, according to accounts from officials familiar with the discussions. The proposal, known as Corporate Resource for Europe, or CORE, would apply to large firms generally rather than naming technology companies, with the stated aim of raising EU revenue without singling out the sector. Six officials familiar with the discussions told the Financial Times that the Commission was weighing changes to CORE. The levy under discussion would require companies operating in the bloc above a specified annual revenue threshold to make a yearly lump-sum contribution. Officials were reportedly considering raising the threshold or the contributions to focus the charge on the largest companies. No revised figures have been settled in the reports, and the Commission has not published a final proposal. Reuters reported that the threshold described in the proposal was annual revenue above €100 million. It said the current proposal called for fixed annual payments, but the amount of any revised contribution remains unclear.