A deeper disagreement over the appropriate forum to advance the agenda was covered up by the first-ever joint declaration by G20 finance leaders on Friday, wherein they pledged to cooperate in order to effectively tax the world’s largest fortunes.<\/p>\n
The Group of 20 major economies’ finance ministers and central bankers decided to discuss fair taxation of “ultra-high-net-worth individuals” in their joint statement and in a separate statement on international tax cooperation that was released on Friday.<\/p>\n
“We aim to collaborate to guarantee that extremely wealthy people are fairly taxed,” the G20 ministerial declaration’s final draft, obtained by Reuters, stated in Rio de Janeiro.<\/p>\n
However, disagreements have already surfaced over whether to pursue that in negotiations at the UN or through the Organisation for Economic Cooperation and Development (OECD), a consortium of affluent democracies established by allies in the US and Europe.<\/p>\n
On the fringes of the G20 summit, U.S. Treasury Secretary Janet Yellen told Reuters that she thought the OECD, which oversaw discussions for a global two-part corporate tax agreement for the previous three years, was better suited to lead such discussions.<\/p>\n
Yellen stated, “We don’t want to see this shifted to the UN,” noting that the OECD “is a consensus-based organisation.” We’ve come a long way, and the UN lacks the technical know-how to continue this.<\/p>\n
Abrahamic Family House is Ranked Highly by TIME\u00a0<\/a><\/p>\n