European Commission targets tech giants with new tax proposals

The Commission expects the change to generate an estimated €5billion for member states if the tax is applied.

US tech giants such as Google, Facebook and Amazon are set to be hit with new taxes as part of a crackdown by the European Commission.

Under proposals tabled today which aim to ensure digital firms are taxed in a "fair and growth-friendly way", the Commission plans to impose a 3% levy on revenues of the biggest players.