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Brazil and France’s finance ministers called for a series of steps to implement a fairer international taxation – Copyright AFP Jim WATSON<\/small><\/em><\/p>\nDaniel AVIS<\/em><\/p>\nThe international community must do more to make the world\u2019s richest companies and individuals pay their \u201cfair\u201d share of taxes, Brazil and France\u2019s finance ministers said Wednesday.<\/p>\n
Brazil, which is chairing the G20 this year, has been pushing for the group of nations which together account for 80 percent of the world\u2019s economy to adopt a shared stance on preventing\u00a0tax-dodging by billionaires by the summer.<\/p>\n
\u201cFair international taxation is not just a topic of choice for progressive economists, but a key concern at the very heart of macroeconomic management today,\u201d Brazilian finance minister Fernando Haddad said during an IMF event in Washington.\u00a0<\/p>\n
\u201cWithout international cooperation, there is a limit to what states can do, both rich and developing ones,\u201d he added.\u00a0<\/p>\n
Haddad called on countries to \u201cenhance revenue mobilization through fair, transparent, efficient and more progressive tax systems\u201d to make the system \u201cfairer.\u201d<\/p>\n
\u2013 France backs minimum tax \u2013<\/p>\n
Sitting alongside Haddad at the IMF event in Washington, French finance minister Bruno Le Maire renewed his calls for a global minimum tax \u2014 and backed calls for a crackdown on tax avoidance.\u00a0<\/p>\n
France is among the world\u2019s advanced economies who have thrown their support behind a 15 percent global minimum tax rate, and has already implemented a minimum tax on the world\u2019s tech giants.\u00a0<\/p>\n
\u201cThe future of the world cannot be a race to the bottom,\u201d Le Maire said. \u201cThis is true also of taxation.\u201d<\/p>\n
In January this year, the European Union introduced a 15 percent minimum tax multinational companies active in inside the 27-member trading blocs.\u00a0<\/p>\n
According to the Organisation for Economic Co-operation and Development (OECD), a global minimum tax could bring in an additional $200 billion in revenues per year.<\/p>\n
\u2013 Billionaire tax \u2013<\/p>\n
Le Maire also called on the world\u2019s richest individuals to pay more in tax, outlining a series of steps to boost transparency and information-sharing between countries in order to better determine the correct amount of tax that the world\u2019s super-rich should pay.\u00a0<\/p>\n
\u201cDigital taxation, minimum taxation on corporate tax \u2014 now comes the taxation on the wealthiest individuals,\u201d he said.<\/p>\n
\u201cEverybody has to pay their fair share of taxation,\u201d he added.\u00a0<\/p>\n
Given that there are about 3,000 US-dollar billionaires globally, a two-percent wealth tax would generate about $250 billion in additional tax revenue worldwide, the French economist Gabriel Zucman told AFP recently.\u00a0<\/p>\n
In a report published on Wednesday, the non-governmental organization (NGO) Global Citizen said a wealth tax could be a key source of revenue for states to finance the trillions needed for the climate transition.\u00a0<\/p>\n
According to the report, the wealth of the richest people has collectively increased by $2.7 billion a day since 2020, and they emit on average a million times more carbon dioxide than the average person.\u00a0<\/p>\n<\/p><\/div>\n
At IMF, Brazil and France renew push for ‘fairer’ international taxation
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#IMF #Brazil #France #renew #push #fairer #international #taxation<\/p>\n","protected":false},"excerpt":{"rendered":"
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