G20 countries have agreed to work together to tax the wealthy, but have not agreed on a global tax system, according to a statement released at the end of the group’s finance ministers’ meeting in Rio de Janeiro.
The statement from Brazil, which holds the rotating presidency of the group, said: “With full respect for tax sovereignty, we will endeavour to work together to ensure effective taxation of high net worth individuals.”
The ministers said in their statement: “Wealth and income inequality undermines economic growth and social cohesion and exacerbates social vulnerability.”
The statement called for “effective, fair and progressive tax policies”.