Local sources from Spain: El Economista, El Nacional.cat.
UK coverage: UN News.
In a bold move aimed at tackling global inequality, Spain and Brazil have presented a groundbreaking proposal at the UN’s 4th International Conference on Financing for Development in Sevilla, Spain, to implement a global tax on the super-rich. This initiative seeks to address the growing concern that the wealthiest individuals in society contribute less to the public coffers than the middle class, primarily due to lower effective tax rates and the exploitation of legal loopholes. The proposal is geared towards the creation of a fairer, more progressive global tax system that ensures the super-rich pay their fair share. Key steps outlined include enhancing data sharing between governments and tax authorities, closing existing tax loopholes, and potentially establishing a global wealth registry to ensure greater transparency and equity in the taxation process. This initiative is part of the broader Seville Platform for Action, aiming to support the achievement of the Sustainable Development Goals. The proposal builds on the momentum of a 2024 agreement by G20 nations to pursue a joint tax agenda targeting high-net-worth individuals, underscoring the critical need for political will and international collaboration to reform global tax systems. Spain’s Finance Minister María Jesús Montero and Brazil’s Finance Minister Fernando Haddad are at the forefront of this initiative, advocating for a multilateral debate on taxing large fortunes to promote social cohesion and reduce the stark inequalities plaguing societies worldwide. The plan includes developing a work plan within the next three months with participating countries and forums, with an ambition for annual meetings to push the agenda forward. While the proposal has not yet specified tax rates or wealth thresholds, it marks a significant step towards initiating an international dialogue on making tax systems more progressive and efficient. By highlighting the extreme inequality where the world’s top 1% owns more wealth than 95% of the population, Spain and Brazil’s initiative seeks to galvanize global action towards a more equitable and just world. The involvement of civil society and international bodies is invited to strengthen multilateralism and international cooperation in this vital endeavor.
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