G20 finance ministers agree to work toward effectively taxing the super-rich

G20 finance ministers agree to work toward effectively taxing the super-rich

Finance ministers from leading rich and developing nations have agreed to strive toward effectively taxing the super-rich, a joint ministerial declaration said. “With full respect to tax sovereignty, we will seek to engage cooperatively to ensure that ultra-high-net-worth individuals are effectively taxed,” the declaration said Friday after the two-day meeting…

The finance ministers of the G-20 countries want to work together to impose greater taxation on so-called super-rich people. A final statement from their meeting in Rio de Janeiro, Brazil, states that they want to work to ensure that very wealthy private individuals are effectively taxed.

The finance ministers of the most important industrialized and emerging countries have agreed to effectively tax particularly wealthy people. However, there will be no specific global tax for the time being.

G20 finance ministers and bankers have agreed to push for effective taxation of the super-rich, according to a statement adopted on Friday after a meeting in Rio de Janeiro where a G20 summit will be held in November.

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“Very wealthy private individuals should be effectively taxed,” say the finance ministers of the Group of 20 most important economies. However, there is no complete agreement on the procedure.