Final declaration in Rio
G20 pledge cooperation on taxing super-rich
27.07.2024, 00:40
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In Rio de Janeiro, the finance ministers of the G20 countries made a decision that remained vague. Although they wanted to work towards more transparent and fairer tax systems for the super-rich, there was no common global approach.
The G20 finance ministers have agreed to work together on taxing the super-rich. “While fully respecting tax sovereignty, we will try to work together to ensure that very wealthy individuals are taxed effectively,” said the final declaration of the finance ministers’ meeting in Rio de Janeiro, Brazil. However, the finance ministers did not agree on a common global approach to tax policy.
After the meeting with his colleagues, Brazil’s Finance Minister Fernando Haddad said that the G20 had agreed to work towards “fairer, more transparent and more equitable tax systems”. These must contribute to “fairer and more sustainable societies”, he said at a press conference. Brazil currently holds the presidency of the G20.
In the Group of 20, the leading industrialized and emerging countries coordinate the necessary economic and financial policy measures. German Finance Minister Christian Lindner did not attend the meeting and was represented by his State Secretary Heiko Thomas.
As expected, the billionaire tax that Brazil is aiming for did not receive sufficient support in Rio. Supporters of the Brazilian plans include France, Spain, Colombia and South Africa. Critics complain that the super-rich in Brazil pay almost no taxes and that this is now to be changed through international agreements. Christian Lindner has spoken out clearly against the plan.