PARIS, July 11 (Reuters) - Brussels will propose a new

tax on companies with a net turnover exceeding 50 million euros

($58.44 million) as part of an effort to generate new financing

streams for the European Union's common budget, the Financial

Times report on Friday.

The proposal would need the backing of all 27 member states

to enter into force.

It would cover all large companies operating in the bloc

irrespective of where they are headquartered, according to the

draft proposal. A "bracket" system would leave groups with the

highest revenues making greater contributions.

The draft documents indicated that the European Commission,

the bloc's executive arm, had dropped plans to target US Big

Tech groups like Apple ( AAPL ) and Meta with a tax on

digital services, though they would still be hit by the proposed

new broader levy.

A Commission spokesperson declined to comment on the FT

story, saying only that the proposal could still change.

News of the plans came as the EU braced for a possible

letter from U.S. President Donald Trump outlining planned duties

on the United States' largest trade and investment partner after

widening his tariff war in recent days.

Trump has railed against what he sees as the EU's

heavy-handed regulation of Big Tech.

The EU could also impose additional levies on non-recycled

electronic waste and tobacco products, the FT said.

($1 = 0.8557 euros)