PARIS (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 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.

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