Facebook and Google should be afraid of being taxed on their annual revenues, rather than their profits.
What's happening: The UK is proposing a 2% tax on the British revenues of any profitable tech company with more than £500 million in global revenues. The European Commission is proposing a similar tax, which could reach 3%. Spain's version of the tax could raise as much as $1.4 billion next year. Nine Asia-Pacific countries, including South Korea and India, could follow suit, as could Mexico and Chile.