Google, Amazon, Facebook, Apple and others could soon face massive fines in the European Union under a draft law that seeks to rein in tech giants.

The European Union is set to unveil landmark legislation that lays out strict rules for tech giants to do business in the bloc, according to several media reports on Monday.

The draft legislation, dubbed the Digital Services Act and the Digital Markets Act, outlines specific regulations that seek to limit the power of global internet firms on the EU market.

Companies including Google, Amazon, Facebook, Apple and others could face hefty penalties for violating the rules.

The landmark draft law is set to be presented on Tuesday.