Minimum wealth tax – 03/07/2024 – What tax is this

The case for a minimum wealth tax or global taxation of billionaires was one of the highlights of the G20 finance ministers’ meeting last week.

The debate occurs at the same time that several countries implement the 15% minimum tax on multinationals and taxation on large technology companies, the two pillars of the agreement reached within the OECD.

As Minister Fernando Haddad (Finance) said, global minimum taxation on wealth could constitute a third pillar for international tax cooperation.

Other countries, such as France, demonstrated support for the agreement to tax individuals.

The global tax could be 2% of billionaires’ fortunes, according to the proposal by French economist Gabriel Zucman.

Oxfam Brazil, for example, calculates that a 5% tax on the richest people in the G20 could raise enough money to end global hunger and help low- and middle-income countries adapt to climate change, among other initiatives. (read more here).

Still on this issue, this year in Brazil we will have the regulation of tax reform, with the possibility of making our consumption taxes less regressive.

Other initiatives are the regulation of changes to IPVA and ITCMD approved last year by Congress.

There is also the expectation regarding an Income Tax reform by the end of the current government.

The approval of projects such as the change in taxation on exclusive funds shows that this agenda can move forward, despite some resistance.

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