by TINTSWALO BALOYI
JOHANNESBURG – BRAZIL and South Africa, alongside Spain, have been lauded for a new global coalition to tax the super-rich.
This has been launched at the Fourth Financing for Development Conference in Seville, Spain.
The social justice organisation, Oxfam, welcomed the launch by the two BRICS+ (Brazil, Russia, India, China, South Africa+) bloc members and Spain.
“We welcome the leadership of Brazil, Spain and South Africa in calling for taxes on the super-rich,” said Oxfam Tax Justice Policy Lead, Susana Ruiz.
“People around the world are pushing for more countries to reject the corrupting political influence of oligarchies. Taxation of the super-rich is a vital tool to secure sustainable development and fight inequalities.”
According to Ruiz, the wealth of the richest 1 percent has surged US$33,9 trillion since 2015, enough to end annual poverty 22 times, yet billionaires only paid around 0,3 percent in real taxes.
“This extreme inequality is being driven by a financial system that puts the interests of a wealthy few above everyone else,” the official said.
Ruiz believes this concentration of wealth is blocking progress towards the Sustainable Development Goals and keeping over 3 billion people living in poverty.
Over half of poor countries are spending more on debt repayments than on healthcare or education.
Ruiz said in a tense geopolitical environment, Brazil, South Africa and Spain had taken an important step in forging an alliance to show political will for taxation of the super-rich.
“Now other countries must follow their lead and join forces.”
The COP30 in Brazil and G20 in South Africa are seen as key opportunities for international cooperation to tax the super-rich and invest in a sustainable future.
– CAJ News
