Tax for super rich difficult but first step, Gentiloni

Joint commitment in this direction says commissioner

By: ansa.it

Jul 25 2024
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Tax for super rich difficult b

European Economy Commissioner Paolo Gentiloni on Thursday said a Brazilian proposal for a tax for the super rich would be difficult to implement globally because it would fall under the jurisdiction of single countries but joint efforts should be made to take the first steps in this direction.
    Gentiloni was speaking to ANSA in Rio de Janeiro, where he is attending a meeting of G20 finance ministers and central bank governors "On the Brazilian proposal for a tax for the super rich, we are all aware that it falls under the jurisdiction of single countries, difficult to overcome with global schemes, but I think difficulties don't jeopardize a common commitment, in fact the document of conclusions of this G20 will include a common commitment to consider the first steps in this direction", Gentiloni told ANSA.
    "The first steps could concern the launch of mechanisms to share information between different countries, in particular on real estate", the commissioner noted, adding that ."we must not hide the difficulties of single countries on issues such as these, typically under national jurisdiction".
    However, he praised the Brazilian presidency of the G20 for proposing "this new challenge".
    .A global tax on the super-rich has been proposed by a new report that Brazil commissioned for its current presidency of the G20.
    Individuals with more than 1 billion dollars in total assets would be required to pay the equivalent of 2% of their wealth in income tax, under the proposal drafted by French economist Gabriel Zucman, a professor at the Paris School of Economics.