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Weekly Report - 01 August 2024 (WR-24-30)
BRAZIL: Government’s G20 tax initiative faces resistance
“We continue to work together towards a fairer, more stable, and efficient international tax system,” reads the joint communiqué released at the conclusion of the G20 finance ministers’ meeting in Rio de Janeiro from 25-26 July. However, the statement was notably lacking in detail on what this fairer tax system might entail. With Brazil holding the G20 presidency this year, the government of President Luiz Inácio Lula da Silva has pushed for the group to agree on a 2% global wealth tax on billionaires, but the vague language of the latest ministerial declaration suggests a lack of support for the proposal among major economies of the G20.
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