- China's central bank says opens up $70.6 bn in liquidity to boost market
- Zelensky on whirlwind tour of Europe ahead of US vote
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Lindor powers Mets past Phillies into NL Championship Series
- Wildlife populations plunge 73% since 1970: WWF
- 'Sleeper agent' bots on X fuel US election misinformation, study says
- Death toll rises to 109 after Haiti gang attack, official says
- Tigers beat Guardians and on brink of advancing in MLB playoffs
- Argentina MPs back Milei's veto of university funding
- Man City sink Barca in Women's Champions League as Bayern outgun Arsenal
- Greek international Baldock, 31, found dead in pool: state agency
- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
- Biden-Netanyahu talk as Hezbollah, Israeli forces clash
- Musk's X available again in Brazil after 40-day ban
- Reddy stars as India crush Bangladesh to clinch T20 series
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- Arch rivals Ghana, Nigeria drawn together in CHAN qualifying
Brazil urges G20 ensure 'super-rich pay fair share' of taxes
Brazil's finance minister called Thursday for an international plan to ensure the world's super-rich pay their taxes, urging G20 nations to adopt a shared stance on preventing billionaire tax-dodging by July.
"It's an undeniable fact that the billionaires of the world are still evading our tax systems through a series of strategies," Finance Minister Fernando Haddad told his counterparts from the Group of 20 leading economies in Sao Paulo.
"I sincerely ask myself how we as G20 finance ministers can allow a situation like this to continue," he added, saying Brazil would seek to craft a joint G20 declaration on international taxation by the next ministerial meeting in July.
Brazil, the current president of the G20 -- whose members make up 80 percent of the global economy -- is pushing the group to cooperate on tax policy, amid global wrangling on how to deal with a so-called "race to the bottom," where some countries woo corporations and the super-rich with zero or ultra-low taxes.
In 2021, G20 finance ministers endorsed a global tax-rule reform based on two "pillars": taxing large multinational corporations wherever they make their sales, to prevent "digital tax-dodging"; and a minimum corporate tax rate of 15 percent, regardless of where companies put their headquarters.
Countries are at different stages of implementing those reforms.
Some nations are now pushing for a "third pillar" that would tackle tax evasion by the super-rich.
Haddad cited a recent report by the EU Tax Observatory that found global billionaires are achieving effective tax rates of zero to 0.5 percent on their wealth, largely by using shell companies.
"Effective solutions to ensure the super-rich pay their fair share of taxes depend on international cooperation," said Haddad, a close ally of Brazil's leftist President Luiz Inacio Lula da Silva.
The issue "could be the key to solving many of the challenges we face," he added.
French Finance Minister Bruno Le Maire told journalists Wednesday that Paris is pushing to "accelerate" international negotiations on a minimum tax on the ultra-wealthy.
Brazil invited a series of speakers to address the meeting on the issue, including French economist Gabriel Zucman, an expert on the link between tax evasion and inequality -- another key issue for Brazil in its G20 presidency.
L.Durand--AMWN