Brazil proposed at the meeting of Ministers of Economy and presidents of the Central Bank of the G20, create a global minimum tax for the super rich that contributes to the reduction of inequalities.
The initiative was shared by the Minister of Finance, Fernando Haddad, during the opening speech of the meeting held in San Pablo
The minister of the host country seeks to build a consensus between the largest economies in the world and carried the president’s vision Luiz Inácio Lula da SIlva on the need for the super-rich to increase their taxation in a coordinated manner on their assets and inheritance.
“Recognizing the progress made in the last decade, we need to admit that we need to make the world’s billionaires pay their fair share of taxes,” Haddad said as he opened the work sessions.
In this framework, he proposed to his G20 peers “a global minimum taxation of wealth that could constitute a third pillar for international tax cooperation”, in addition to the initiatives already underway at the UN and in organizations such as the OECD.
“It is time to redefine globalization. We need to create incentives so that international capital flows are efficiently directed towards the best opportunities, no longer defined in terms of profitability, but according to social and environmental criteria,” Haddad said in his speech to the plenary. .
Brazil will seek consensus in the G20 to fight inequality through “fair taxation”
The spokesperson for the meetings, the Secretary of Economic Policy of Brazil, Guilherme Meloassured that Brazil’s commitment is to place social and environmental development and the fight against inequality in the G20 through the so-called “fair taxation.”
In that sense France is in favor of giving new impetus to a global minimum tax for the richest, after the success of the 15% minimum for multinationals that will come into force this yearsaid the Minister of Finance, Bruno Le Maire.
According to a study carried out in October by the EU Fiscal Observatory, a global minimum tax on billionaires could raise $250 billion annually, which It would be equivalent to 2% of the almost 13 trillion dollars of wealth owned by 2,700 billionaires around the world.
More than 140 countries have so far backed the 2021 agreement to apply a corporate tax of at least 15% starting this year to discourage multinational groups from seeking out countries with the lowest taxes.
Source: Ambito
