2024-02-29 17:31:37
Bruno Le Maire pleaded, on the sidelines of the G20 summit of finance ministers, in Sao Paulo, for the establishment of minimum taxation on large individual fortunes. The French minister said wanting to speed up international negotiations.
The Minister of the Economy, Finance and Industrial and Digital Sovereignty, Bruno Le Maire, who spoke on Wednesday February 28 to journalists on the sidelines of the G20 of Finance Ministers being held in Sao Paulo, Brazil, reiterated France’s desire to accelerate the establishment of a system for taxing billionaires around the world.
“We are fully committed to accelerating the process of establishing at the international level, at the OECD level, at the G20 level, and I hope at the level of European countries, a minimum taxation of individuals in order to combat any form of tax optimization for people around the world”affirmed the French minister.
Taxing internationally, the only effective way
As a reminder, an international agreement concluded between 140 countries in 2021 under the aegis of the OECD, due to come into force this year, already sets a global floor of 15% for corporate tax. Now, following the multinationals, France wants new impetus to be given to the establishment of a global minimum tax on billionaires.
“Today you have the possibility for the richest people to avoid paying the same amount of income tax as other people who are less rich. We want to avoid this tax optimization, we want to do it at the international level because it is the only effective way”further affirmed the minister in Brazil.
« We want Europe to support this idea of minimum taxation of individuals as quickly as possible and France will be at the forefront on this subject. », Said Bruno Le Maire once more on Reuters. This in any case constitutes a new revival of the subject on the taxation of the richest. Supported by a certain number of politicians, notably European elected officials, leaders, including American President Joe Biden, and even certain rich people, through a letter signed by 250 millionaires and billionaires from 17 countries, the debate on the taxation of the most rich people finally move towards the concrete?
« Our request is simple: we ask you to tax us, the richest in society. This will not fundamentally change our standard of living, nor deprive our children, nor harm the economic growth of our countries. But it will turn extreme, unproductive private wealth into an investment in our shared democratic future », wrote, on January 17, 250 millionaires and billionaires to world leaders gathered in Davos.
Brazil to start discussions
Previously at this summit, the European Tax Observatory had indicated, in a study published in October 2023, that the establishment of a global minimum tax on billionaires might bring in 250 billion dollars per year, recalls Reuters. On Wednesday, Brazilian Finance Minister Fernando Haddad, quoted by the agency, said Brazil would take advantage of its G20 presidency to begin discussions on international measures aimed at discouraging billionaires from using tax havens.
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