EU unveils digital tax plans, Facebook, Google, Amazon to be hit

The European Commission proposed rules on Wednesday to make digital companies pay their fair share of tax, with U.S. tech giants such as Google , Facebook and Amazon set to foot a large chunk of the bill.

Under the Commission’s plan, companies with significant digital revenues in Europe will pay a 3 percent tax on their turnover on various online services in the European Union, bringing in an estimated 5 billion euros ($6.1 billion).