Responding to the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation published today, Oxfam International's Tax Policy Lead Susana Ruiz, said:
"This is serious global progress -for the first time in history, the world's largest economies have agreed to cooperate to tax the ultra-rich. Finally, the richest people are being told they can't game the tax system or avoid paying their fair share.
"Governments have for too long been complicit in helping the ultra-rich pay little or zero tax. Massive fortunes afford the world's ultra-rich outsized influence and power, which they wield to shield, stash and supersize their wealth, undercutting democracy and widening inequality.
"Now to the next step: at the G20 Summit in November this year, leaders need to go further than their finance ministers and back concrete coordination: agreeing on a new global standard that taxes the ultra-rich at a rate high enough to close the gap between them and the rest of us.
"Brazil has kickstarted a truly global approach to tax the ultra-rich. But the work is just beginning and international cooperation is crucial.
"We call on G20 leaders to align with the progress being made at the UN and establish a truly democratic process for setting global standards on taxing the ultra-rich. Entrusting this task to the OECD -the club of mostly rich countries- would simply not be good enough."
