Brazil’s finance minister, Fernando Haddad, urged G20 nations to implement a global tax on the super-rich to combat rampant tax evasion. Haddad emphasized international cooperation to ensure the wealthy contribute to societal and sustainable development. Brazil, holding the G20 presidency, aims for a declaration on international taxation by July. Acknowledging potential debates, Haddad highlighted Brazil’s role in addressing inequalities and fiscal issues. Studies reveal potential global tax revenue losses of $4.8 trillion due to tax havens, while billionaires’ effective tax rates are as low as 0.5%. Recent scandals, such as the Panama and Paradise Papers, underscore tax evasion concerns.
Brazil Proposes Global Tax on Super-Rich at G20 Meeting
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