Ahmad 
G20 Finance Ministers announced, at their meeting in Rio de Janeiro, Brazil, their intention to work on imposing taxes on high-net-worth individuals.
At the end of the meeting, the ministers affirmed respect for each country’s tax sovereignty, while committing to cooperate to ensure effective taxation of high-net-worth individuals.
The declaration noted that inequality in wealth and income undermines economic growth and increases social tensions, and therefore called for the adoption of effective, fair, and progressive tax policies.
Brazilian Finance Minister Fernando Haddad stressed the importance of imposing progressive taxes on the wealthy from an ethical perspective, rather than focusing on the poor.
The Managing Director of the International Monetary Fund, Kristalina Georgieva, welcomed the declaration, considering it timely and contributing to promoting financial justice.
Georgieva stressed that tax justice contributes to society’s acceptance of difficult decisions related to renewing financial reserves and meeting social and development needs.
Analysts believe that the main challenge lies in how to implement these tax policies effectively while respecting the tax sovereignty of each country. Achieving the desired goals requires strong international cooperation to ensure effective taxation and prevent tax evasion.
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