Oxfam reaction to the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation: “this is serious global progress”

"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."

Notes to editors

On 24 July, Oxfam, Avaaz, the Patriotic Millionaires, TaxMeNow, 350.org, the Fight Inequality Alliance and WeMoveEurope handed in petitions with over 1.5 million signatures from people across the world calling on G20 leaders to tax the ultra-rich to Brazilian Finance Minister Fernando Haddad in Rio de Janeiro. Photos are available for download.

Earlier this month, close to 20 former heads of state and government of G20 and higher-income countries called on current G20 leaders, including US President Joe Biden, German Chancellor Olaf Scholz and UK Prime Minister Keir Starmer, to support a “new global deal to tax the world’s ultra-rich individuals” in an open letter.

Contact:

For media enquiries please contact Lisa Rutherford at lrutherford@oxfam.org.uk, 07917 791836