×
Spain and Brazil push global action to tax the super-rich and curb inequality

Spain and Brazil push global action to tax the super-rich and curb inequality

Presented during the UN’s 4th International Conference on Financing for Development, taking place this week in Sevilla, the proposal highlights a growing problem: the richest individuals often contribute less to public finances than ordinary taxpayers, thanks to lower effective tax rates and legal loopholes.

“Our countries need more and more public revenues to meet their needs. Inequality is a problem everywhere, and the richest pay less than the middle class – even less than lower-income taxpayers,” said Spain’s Secretary of State for Finance Jesús Gascón, during a press conference at the conference venue, where temperatures have soared to record highs in recent days.

The two governments are calling on others to join a drive for a fairer, more progressive global tax system. They point to a stark reality: the wealthiest one per cent of the global population owns more than 95 per cent of humanity combined.

UN News/Matt Wells

The Spanish Secretary of State for Finance Jesús Gascón (on screen) addresses a meeting at the Financing for Development conference in Sevilla, Spain.

Sharing knowledge, closing gaps

In today’s interconnected world, access to reliable data is essential. The initiative prioritises information sharing – between governments and tax authorities – to help expose gaps in tax systems, close loopholes, and combat evasion and avoidance.

Improving data quality and building national capacities for data analysis will help tax administrations identify where and how wealth is concentrated, how much is currently being paid, and what needs to change.

Though some progress has already been made, the countries say much more must be done and many more countries should come on board.

There’s a real need to know who the beneficial owners are behind companies and legal structures used to conceal wealth,” said Mr. Gascón. The initiative also proposes technical cooperation, training in data analytics, and peer review mechanisms to strengthen national tax systems.

A global wealth registry?

Spain and Brazil are even considering steps toward a global wealth registry – acknowledging that this would take time, political will, and major national efforts.

But the aim is clear: more transparency, more accountability, and fairer contributions from the richest.

We cannot tolerate the intensity of inequality, which has been increasing in recent years,” said Brazil’s Minister-Counsellor to the UN, José Gilberto Scandiucci denying that this was some kind of far-leftist agenda.

This is a moderate initiative to confront a very radical reality.”

The proposal forms part of the Seville Platform for Action, which is turbocharging voluntary actions to help reach the Sustainable Development Goals (SDGs) – currently way off track for the 2030 deadline.

G20 highlights ‘high worth’ factor

It also follows the 2024 agreement by the G20 industrialised nations who met in Rio, Brazil, last year – the first international accord to commit to a joint tax agenda for high-net-worth individuals.

A three-month work plan is now being drawn up, with regular meetings planned to track progress. The goal: bring more countries, international organisations and civil society on board to push forward tax reforms targeting the ultra-rich.

“If we want to effectively tax the super-rich, fight inequality and make our tax systems fairer and more progressive, we need political will – and we need to act within our means,” Mr. Gascón added.

Source link
#Spain #Brazil #push #global #action #tax #superrich #curb #inequality

Live Updates: Trump says U.S. will continue blockade after Iran says Strait of Hormuz 
                World shares were mixed Friday even after Wall Street set another record, as investors watched for signs of more U.S.-Iran talks and an extension of the ceasefire of the Iran war that is expiring next week.Oil prices fell Friday, while U.S. futures edged up.President Trump suggested Thursday that he’s open to extending the two-week ceasefire in the Iran war, and Iran’s U.N. envoy said Tehran remained “cautiously optimistic” over negotiations with the U.S.As optimism over an extended ceasefire grew, oil prices fell early Friday after climbing a day earlier. Brent crude, the international standard, was 3.2% lower at .25 per barrel. It had surged roughly 40% since the beginning of the Iran war in late February. Benchmark U.S. crude was down 3.6% to .86 a barrel.Global energy shocks are growing over impacts of the Iran war, with the Strait of Hormuz remaining largely closed while the U.S. imposed a sea blockade on Iranian ports. The head of the International Energy Agency told The Associated Press on Thursday that Europe has “maybe six weeks or so” of jet fuel supplies remaining and warned of flight cancellations “soon.” In stocks, U.S. futures for the Dow Jones Industrial Average rose 0.5%, while futures for the S&P 500 and Nasdaq both ticked up 0.3% Friday.Early European trading saw Britain’s FTSE 100 index down 0.2% to 10,567.17. France’s CAC 40 was 0.4% higher at 8,293.21, while Germany’s DAX gained 0.6% to 24,308.82.Asian stocks were mostly lower. Tokyo’s Nikkei 225 fell 1.8% to 58,475.90 after reaching an all-time high on Thursday. South Korea’s Kospi was 0.6% lower at 6,191.92. Hong Kong’s Hang Seng dropped 0.9% to 26,160.33. The Shanghai Composite index edged down 0.1% to 4,051.43.Australia’s S&P/ASX 200 lost 0.1%. Taiwan’s Taiex traded 0.9% lower, while India’s Sensex gained 0.7%.
              #Live #Updates #Trump #U.S #continue #blockade #Iran #Strait #HormuzWar, Iran, Israel, Ceasefire, Donald Trump, Hezbollah, Lebanon, Middle East, Oil and Gas, Strait of Hormuz


Access Denied You don’t have permission to access “http://news.sky.com/story/kanye-wests-polish-concert-cancelled-just-weeks-after-he-was-blocked-from-entering-the-uk-13533184” on this server.

Reference #18.f78ce17.1776487805.166582df

https://errors.edgesuite.net/18.f78ce17.1776487805.166582df

#Access #Denied">Access Denied
Access Denied


 
You don’t have permission to access “http://news.sky.com/story/kanye-wests-polish-concert-cancelled-just-weeks-after-he-was-blocked-from-entering-the-uk-13533184” on this server.
Reference #18.f78ce17.1776487805.166582df
https://errors.edgesuite.net/18.f78ce17.1776487805.166582df

#Access #Denied

Post Comment