BERLIN – An agreement on Brazil’s proposal to tax the super-rich is not expected to be reached during the Group of Twenty (G20) meetings in Rio de Janeiro this week, according to sources from the German finance ministry.
Brazil, currently holding the presidency of the G20, has been pushing to build international consensus on wealth taxation this year. However, officials indicated that a joint declaration on the matter at the upcoming meeting of G20 finance ministers and central bankers is unlikely.
“There will be no concrete discussions at the meetings in Brazil on Thursday and Friday, and the plans are ‘not even close to consensus,'” a source said. Instead, the meetings will focus on other related ideas, such as preventing wealth concealment, combating tax avoidance, and increasing financial transparency.
A document focusing solely on financial issues is expected to be produced. Due to differing positions among member countries on the conflicts in Ukraine and the Middle East, views on these topics will be summarized in a separate paper by the Brazilian hosts. The G20 finance ministers and central bankers’ meeting in Rio de Janeiro will take place on Thursday and Friday.