The executive secretary of the Ministry of Finance, Dario Durigan, stated this Wednesday afternoon (28) that Brazil’s proposal to tax large fortunes, presented at the financial G20, already has the support of European countries.

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“The proposal that we have been working on in Brazil, which is to end privileges and correct some distortions, we are taking to the global scope. This debate that arises from this proposal, it should bear fruit and generate dialogue. What we have already discussed in the [reuniões] bilateral, European countries support us in this proposal”, he told journalists at the Biennale Pavilion in Ibirapuera.

The proposal to create a global minimum tax on large fortunes to combat inequalities in the world was presented by the Minister of Finance, Fernando Haddad, during the opening of the meeting of Finance Ministers and directors of central banks, which began this Wednesday morning. According to the minister, the measure “could constitute the third pillar for international tax cooperation”.

The Organization for Economic Cooperation and Development (OECD) already works on two taxation parameters at a global level, aimed at big techs and large corporations. The Brazilian proposal emphasizes the need for a tax to also be applied to individuals and families with large fortunes. “We have reached an unsustainable situation in which the richest 1% own 43% of the world’s financial assets and emit the same amount of carbon as the poorest 2/3 of humanity”, emphasized Haddad. The Minister of Finance participated virtually in the event as he tested positive for Covid-19 on Sunday (25).

Consensus in G20 financial statement

The executive secretary of Finance represented Haddad in Brazil’s face-to-face commitments at the financial G20 this Wednesday (28) and points out that the fight against inequality and ecological transformation were consensuses reached by the country in the statement that should be released this Thursday (29), at the end of the event.

“We know that the world is going through a tense geopolitical moment. As we preside over the financial G20, it is important for us to focus on what is important for the economy. The discussion of inequality and ecological transformation, the world needs this, the countries of the Global South, the developed countries have said this. Ecological transformation is the development agenda”, Dario Durigan told journalists.

“Brazil has a unique place, a unique opportunity at this moment. The statement is born from this economic consensus, we try to avoid other discussions that do not add any value. There is a consensus and cohesion on economic issues.”

Environment and food insecurity

In Guyana, where he is participating in the closing of the Caribbean Community (Caricom) summit, President Luiz Inácio Lula da Silva emphasized two issues that will be priorities in his management at the head of the G20. In his speech, the president said that it is not possible for “a world that produces enough food for all people to continue to live with hunger”.

According to Lula, “Brazil can offer foodstuffs at competitive prices and contribute to strengthening local agriculture”. He invited Caricom countries to join the alliance to combat hunger and poverty that will be launched by Brazil during the G20 presidency, mobilizing resources and public policies for this cause.

Lula also appealed to countries to form alliances to defend the environment. The financial G20 runs until this Thursday (28) in São Paulo.

Editing: Rodrigo Durão Coelho


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