There are approximately three thousand billionaires registered in the world who may be subject to such taxation.
G20 countries have agreed to introduce taxation for the super-rich. But they disagreed on the mechanism for collecting this tax, as well as its size. Reuters and Politico wrote this on Friday, July 26.
The final declaration of the G20 meeting on July 25 said that countries “with full respect for fiscal sovereignty will endeavor to cooperate to ensure effective taxation of the very rich.”
The document says the countries agreed to start “a dialogue on fair and progressive taxation, including for the very rich.”
In particular, Brazil and three other countries have floated the idea of a global tax on the world’s richest people. Under the proposal, wealth above $1 billion would be subject to a 2% tax. Brazilian financiers estimate it could open up about $250 billion a year.
The proposal faced backlash, especially from German Finance Minister Christian Lindner and US Treasury Secretary Janet Yellen.
The European Commissioner for Economic Affairs, Paolo Gentiloni, on the sidelines of the G20 meeting, emphasized that the first step in taxing the rich is to work on the exchange of information between countries: “This is something that will be discussed in the coming months and years.”
Massive protests erupted in Kenya following the passage of a tax hike bill.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.