G20 finance ministers agree to work toward effectively taxing the super-rich
Finance ministers from leading rich and developing nations have agreed to strive toward effectively taxing the super-rich
By ELÉONORE HUGHES
Published - Jul 28, 2024, 06:56 AM ET
Last Updated - Jul 28, 2024, 06:56 AM EDT
RIO DE JANEIRO (AP) — Finance ministers from leading rich and developing nations agreed Friday to strive toward effectively taxing the super-rich, a joint ministerial declaration said.
“With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” the declaration said after the two-day meeting in Rio de Janeiro.
Brazil has made a proposal to impose a 2% minimum tax on billionaires a top priority of its presidency of the Group of 20, ahead of the Nov. 18-19 summit in Rio.
While the final declaration stops short of agreeing on a specific global tax, Brazilian Finance Minister Fernando Haddad nevertheless called it a “significant step forward.”