CHANTILLY, France: Digital currencies such as Facebook's planned Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers said on Thursday.
The G7 are concerned that Facebook's ambitions for a digital currency might not only weaken their control over monetary and banking policies but also pose security risks. The U.S.'s Global Intangible Low-Taxed Income regime aims to subject overseas intangible income to 10.5per cent to discourage firms from shifting profits abroad to avoid the nominal U.S. corporate tax rate of 21per cent.
An outline of the new regime and its implementation is to be developed by the Organisation for Economic Cooperation and Development by the end of the year, so that the details can be agreed by the end of 2020.
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