"Group of 7" targeting the Internet giants tax
17:30 - 19/07/2019
finance ministers of the Group of Seven (G7) nations on Wednesday agreed to impose a tax on giant digital companies on the second day of their meeting in Chantilly near Paris, opening the door to a global deal by 2020.
The French presidency of the group, Italy, Canada, America, Japan and the United Kingdom concluded that finance ministers agreed on the need to meet the financial challenges posed by the digital economy.
"The ministers agreed that the imposition of a minimum effective tax would help ensure that these companies would pay their fair share of the tax.
The statement also pointed out that there is consensus on the possibility of imposing fees on companies in countries where there is no actual presence in them.
The group's ministers and governments agreed that Libra-style projects could have implications for monetary sovereignty and the functioning of the international monetary system.
The ministers warned of the risks posed by hypothetical currency projects such as the Libra announced by Facebook. The French presidency said that "the ministers and the rulers agreed to say that projects such as Liberra can have implications for the monetary sovereignty and the functioning of the international monetary system." The French presidency of the group said yesterday that the finance ministers of the Group of Seven agreed on the "need to move quickly" on the Facebook project «disturbing» Libra digital version of the currency ».
The plan by the largest social contact company to launch a vocal digital currency from regulatory officials, central banks and governments, saying it should respect anti-money laundering regulations and guarantee transaction security and user data. But there are also deeper concerns that the influence of large technology companies is increasingly penetrating into areas that were exclusive to governments, such as currency issuance.