A spokeswoman for the European Commission said that Brussels welcomed the political momentum in national capitals to tackle the issue. A French government official said that a turnover tax, even levied at a low percentage, had the potential to deliver a tax take that was "orders of magnitude" higher than what European governments had managed to collect so far. The initiative, launched by Bruno Le Maire, French finance minister, and set to be presented to all 28 EU finance ministers next week, would overhaul national tax codes to include an "equalisation tax" for tech companies that would collect levies based on national turnover. Under EU treaties, tax measures require all members to back legal changes, meaning that Mr Le Maire would need support from low-tax countries like Ireland and Luxembourg for the initiative to become law. The French official said that the four countries would present the plans at a meeting of finance ministers in Tallinn on September Mr Le Maire said in a speech last week that "internet giants are welcome in Europe but it's not right they pay so little in taxes," adding that new ideas needed to be explored to deliver fair taxation. Brussels has been looking closely at the issue "for a number of years," the spokeswoman said.
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