Key Points
NEW DELHI: Brazil's proposal to tax the super-rich is unlikely to be carried through when leaders of the G20 meet in Rio De Janeiro later this week as the original plan has been "significantly diluted" due to the stiff resistance from developed countries...
Under its G20 Presidency, Brazil had proposed a 2% minimum tax on the ultra-rich, which is expected to yield up to $250 billion annually and help greater global cooperation to end tax evasion..
The report refers to a progressive taxation approach that would affect around 3,000 individuals, who own fortunes of over one billion dollars - distributed in assets, real estate, shares and company ownership, among others - who do not yet pay at least 2% in annual income tax, according to a document on the G20 Brazil website..
It also refers to the fact that these individuals are progressively taxed, while applauding "the domestic tax reforms carried out by several G20 countries to tackle inequalities and promote fairer and more progressive tax systems recently."..
Pressure has been mounted on the G20 group of developed and emerging economies to approve the proposal to tax the super-rich and help plug the financing gaps in achieving the Sustainable Development Goals (SDG)...
