Portuguese Prime Minister Luís Montenegro said on the sidelines of the summit that the G20 was “yet in a position to take a decision” on a tax on the super-rich, according to Euractiv.
Portugal is attending the G20 summit for the first time as an observer at the invitation of the Brazilian presidency. Luís answered questions from journalists about the possibility of a global tax on large fortunes.
It’s an issue that is, as it was on the table, that we view from a conceptual point of view with openness, but naturally, we are not yet in a position – neither we nor our partners at this summit, I believe – to take a decision.
The Brazilian government already recognised on Monday the difficulties of introducing a global tax on the super-rich at the G20 summit, given the objections of some heads of state. Environment Minister Marina Silva said that “some leaders” opposed “to issues linked to the climate agenda, to the financing agenda, above all to the issue of taxing the super-rich.”
Without consensus, the implementation of the tax now depends on a political decision by heads of state and government. However, agreement is proving difficult to achieve due to opposition from countries such as the US and Germany. Portugal’s Foreign Minister Paulo Rangel told reporters back in July that his country had not yet decided upon the issue.
The tax for the super-rich is something that deserves study and consideration, to which we are open.
Argentina was one of the main obstacles to making the joint declaration a reality. The country also pulled out of the COP29 climate summit in Baku shortly after it began and failed to sign a ministerial declaration on women’s empowerment at the G20 summit in October.
According to a study commissioned by Brazil, if the world’s 3,300 billionaires paid the equivalent of 2 per cent of their wealth, between $200 billion and $250 billion could be raised annually.
