Europe

Home page

Europe

German finance minister rejects Brazil's proposal to tax super-rich

19 April 2024 05:13 (UTC +04:00)

German Finance Minister Christian Lindner rejected on Thursday Brazil's proposal to tax the super-rich, APA reports citing Reuters.

"We do not think it is suitable," he said at a press conference alongside Bundesbank President Joachim Nagel in Washington. "We have an appropriate taxation of income."

Brazil, heading the presidency of the Group of Twenty (G20), is aiming to build international consensus on the taxation of wealth this year, and is pushing for a joint declaration at a meeting of G20 finance ministers and central bankers in July.

Speaking after meeting U.S. Senator Bernie Sanders on Thursday, Brazil's Finance Minister Fernando Haddad answered, regarding Lindner's opposition to the proposal: "He will change (his mind)."

While Lindner is sceptical about the proposal, his French counterpart, Bruno Le Maire, has showed support, opens new tab for it.

On Wednesday, Le Maire said that moving to tax the rich was the logical next step for a series of global taxation reforms launched in 2017, including agreement on a global corporate minimum tax.

He said the G20 should aim to reach an agreement on taxing the rich by 2027.