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.