2024-07-27 18:45:44
The finance ministers of the G20 countries announced during their meeting held in Rio de Janeiro, Brazil, “their intention to work to impose taxes on the richest of the rich.”
The declaration issued at the conclusion of the meeting stressed that “with full respect for tax sovereignty, countries will seek to engage cooperatively to ensure effective taxation of high net worth individuals.”
“Wealth and income inequality undermines economic growth and social cohesion and exacerbates social vulnerabilities,” the ministers added in their declaration, calling for “effective, fair and progressive tax policies.”
For his part, Brazilian Finance Minister Fernando Haddad considered that “it is important, from a moral point of view, for the twenty richest countries to see that we have a problem in imposing progressive taxes on the poor and not on the rich.”
The Managing Director of the International Monetary Fund, Kristalina Georgieva, welcomed the G20 declaration in support of “financial justice,” considering it “timely and welcome.”
“The G20 ministers’ shared vision on progressive taxation is timely and welcome, as the need to replenish fiscal buffers while meeting social and development needs involves difficult decisions in many countries,” Georgieva said.
She added that “enhancing tax justice contributes to the social acceptance of these decisions.”
Last updated: July 27, 2024 – 17:45
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2024-07-27 18:45:44