London (CNN Business) EU plans for a new tech tax are on life support. But Facebook and Google could still be on the hook for millions in payments.

France and Germany presented a compromise measure on Tuesday that would tax digital advertising sales at 3%, but spare other online services that had been targeted under an earlier proposal.

"[The new version] would most likely impact Google and Facebook and other companies that have a large amount of advertising sales online," said Daniel Bunn, director of global projects at Tax Foundation.

The proposal is a narrower version of tax plans championed by the European Commission and supported by French President Emmanuel Macron. The original proposal called for a 3% tax on a broader range of digital activities, including the sale of consumer data and transactions made via online marketplaces.

Big Tech companies that make most of their money from online services other than advertising, such as Apple ( AAPL ) and Amazon, should fare better under the revised proposal.

Read More