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Brazil FM Proposes Global Tax on Rich  03/01 06:45

   

   RIO DE JANEIRO (AP) -- Brazil's finance minister told his peers Thursday at 
a G20 meeting in Sao Paulo that countries should implement a global tax on the 
super-rich in an effort to tackle rampant tax evasion.

   Fernando Haddad said tax evasion can be resolved through international 
cooperation so that "these few individuals make their contribution to our 
societies and to the planet's sustainable development."

   He added that Brazil is pushing for a declaration on international taxation 
by G20 members that he hopes would be ready in July. But in a press conference 
at the end of the meeting, he recognized the path would be far from smooth.

   "There will be a lot of debate about this, which is absolutely natural, 
especially because not every country feels the same way about this problem that 
was brought to the G20 by Brazil," he said.

   Brazil currently has the presidency of the 20 leading rich and developing 
nations and President Luiz Incio Lula da Silva has put issues that concern the 
developing world -- such as the reduction of inequalities and the reform of 
multilateral institutions -- at the heart of its agenda.

   "Brazil has a role to play, a legitimacy to use on the issues that need to 
be addressed and that are not always represented in the G20," Haddad said, 
pointing to environmental, social and fiscal issues.

   According to a 2023 study by advocacy group Tax Justice Network, countries 
around the world could lose up to $4.8 trillion in tax revenue over the next 
decade due to tax havens. And a report earlier this year by the EU Tax 
Observatory cited by Haddad, found that billionaires worldwide have effective 
tax rates equivalent of between 0% and 0.5% of their wealth.

   In recent years, scandals such as the Panama Papers Leak and the Paradise 
Papers have shone a light on the pervasiveness of tax evasion and avoidance in 
business practices.

   Meanwhile, the gap between the super-rich and the bulk of the global 
population has been supercharged since the coronavirus pandemic, according to 
anti-poverty organization Oxfam International.

   "There are fewer taxes on assets today than two or three decades ago. The 
global movement has tended towards reducing taxation on companies and wealth," 
said Andr Vereta-Nahoum, a sociology professor at the University of Sao Paulo.

   But with inequalities soaring, more are calling for higher taxes on the 
wealthy -- including U.S. President Joe Biden, who has pushed for a billionaire 
minimum income tax although the likelihood of Congress passing that proposal is 
minimal.

   In a sign of growing global consensus on the matter, the United Nations 
General Assembly adopted a resolution late last year backing stronger 
international tax cooperation to "make it fully inclusive and more effective."

   "The difficulty is no longer putting the issue on the table, the data is 
there. The difficulty is arriving at a common document," said Carla Beni, an 
economist from the Getulio Vargas Foundation, a university and think tank.

 
 
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