US EditionSpain to Shift $1.9 Billion in Reserve Assets to Help Developing Countries
- On July 1, 2025, Spain and Brazil launched a joint initiative in Seville to tax the super-rich and promote fairer wealth redistribution globally.
- This initiative follows the 2024 G20 accord in Rio, where industrialized nations agreed to a joint tax agenda targeting high-net-worth individuals to increase public revenues.
- The plan includes a three-month roadmap to expand international cooperation, analyze political and tax system shortcomings, and ensure wealthy individuals pay taxes efficiently.
- Spain plans to allocate an extra $1.9 billion worth of Special Drawing Rights to the IMF’s Poverty Reduction and Growth Trust, with Economy Minister Carlos Cuerpo pledging more than 5.5 billion euros—equivalent to half of Spain’s total SDR holdings—to aid developing nations.
- The initiative aims to address extreme inequality and fund climate action by ending fossil fuel subsidies and shutting tax havens, signaling a push for more progressive global tax systems.
14 Articles
14 Articles
350.org welcomes Spain and Brazil’s new initiative to tax the super-rich
The governments of Spain and Brazil have announced plans for a Platform for Action on Taxing the Super-Rich in a move that could see more funds made available to tackle the climate and development crises. The initiative was launched at the UN Financing for Development conference in Seville and has been welcomed by 350.org.“This is a bold move by Spain and Brazil to drive forward taxing the super-rich as a key solution to the lack of funds being …
Spain and Brazil Launch Joint Initiative to Push Global Tax on the Ultra-Rich - teleSUR English
They propose analyzing administrative and data shortcomings to ensure that individuals with high net worths pay more efficiently. On Tuesday, Spain and Brazil will launch a joint initiative to promote a global tax increase on the superrich, aiming to achieve a fairer redistribution of wealth. RELATED: COP29: GSLTF Proposes Climate Taxes on Cryptocurrencies, Plastics, and the Ultra-Rich The initiative, to be presented at the fourth U.N. Internati…
Spain and Brazil have proposed a joint initiative, within the framework of the Fourth International Conference on...
Spain, Brazil Push Global Wealth Tax Reform
Efforts to reform the global tax system have taken centre stage this week at the United Nations’ 4th International Conference on Financing for Development in Sevilla, where Spain and Brazil jointly unveiled a bold proposal targeting tax justice and inequality. Spain’s Secretary of State for Finance, Jesús Gascón, said, “Inequality is a problem everywhere, and the richest pay less than the middle class – even less than lower-income taxpayers.” He…
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