WASHINGTON, Oct 25, 2024 (BSS/AFP) - G20 finance ministers meeting in
Washington on Thursday reaffirmed their desire to cooperate on taxing the
super-rich, before a summit next month where taxes are expected to be a top
priority.

"With full respect to tax sovereignty, we look forward to discussing
potential areas of cooperation to ensure that ultra-high-net-worth
individuals are effectively taxed," the G20 group of nations wrote in a
communique after discussions during the International Monetary Fund and World
Bank annual meetings.

"We will continue to work together towards a fairer, more inclusive, stable,
and efficient international tax system fit for the 21st century, restating
our commitment to tax transparency and fostering global dialogue on effective
taxation, including of ultra-high-net-worth individuals," the communique
added.

G20 members were unable to agree on the introduction of a global minimum tax
on the super-rich earlier this year, as called for by Brazil, which holds the
presidency of the forum this year.

But at a previous meeting of finance ministers in July, the G20 pledged to
cooperate to ensure that the very wealthiest are taxed more heavily, in the
name of fighting inequality.

Instead of creating a minimum tax on the wealthiest, which was supported by
Brazil's left-wing president, Luiz Inacio Lula da Silva, a compromise was
reached to encourage everyone to tax them more.

The charity Oxfam International reacted positively to the news on Thursday
that the language on cooperation had not been watered down.

"Today's G20 Ministerial reflects an emergent shift in consensus from the
world's largest economies to reduce extreme inequality by ensuring the ultra-
rich pay their fair share," Oxfam International tax lead Susana Ruiz said in
a statement shared with AFP.

The G20 heads of state and government must give a final endorsement to the
commitment at a forthcoming summit in Rio de Janeiro in mid-November, just
after the upcoming US presidential election.