Yes, at the cost of removing at least double, and for FANG companies about triple, the tax revenue from other EU governments. And that's just counting company tax (and only specific companies, ie. this is why the "billionnaire tax" is so low, well, this is the EU component of it)
(technically: FANG taxes in Ireland, in violation of OECD treaties, is 12.5%, and for other very large companies 15%. If your company is not at least a certain size, and you haven't transferred "company IP" into Ireland during a certain window that's now closed, other taxes that don't increase with revenue will raise effective tax to as high as 55% for sole traders. And the actual FANG income is mostly generated in France and Germany, who have 25% and 30% company tax rates respectively, with some other EU countries higher still. In other words, this is the tax system billionnaires salivate about: it's a regressive tax, specifically designed to make the ultra rich richer, and push everyone else's wealth down hard, even people outside of Ireland)
PLUS the income tax lost for both other EU countries and employees, because for most FANG employees, this is also a tax increase (assuming they chose to move to Ireland rather than stay in the Netherlands or elsewhere in the EU)
I mean we should unite against this! This system is making literally everyone in the EU poorer compared to the US tech sector. From an unemployed Romanian in a long term care facility to a French billionnaire. All are losing money through this system.