Billionaires around the world are paying less tax than the common man

Governments around the world should impose a minimum tax on billionaires to stop tax evasion. This will increase taxation and it will reach the level of 250 billion dollars (20793 billion rupees).

This has been said in the report of the EU Tax Observatory affiliated with the Paris School of Economics.

According to the report, 2700 billionaires around the world have a total wealth of $13 trillion. With only two percent tax on these, about 250 billion dollars of tax amount will be deposited with the governments.

The report said that currently the effective personal tax rate on billionaires is much lower than the rate that ordinary taxpayers are paying around the world. According to the '2024 Global Tax Avoidance Report', this is happening because billionaires are parking money in shell companies and avoiding any tax liability.

The report said that currently the tax liability of billionaires around the world is barely 0 to 0.5 percent of their total wealth. The report estimates the effective tax rate on billionaires in America at 0.5 percent and in France at zero.

The report said that global billionaires have the ability to structure their wealth in such a way that they do not incur high tax liability. Releasing the report, Observatory director Gabriel Zucman told journalists, this cannot be justified in any way.

Quentin Parrinello, a senior policy advisor at the EU Tax Observatory, says that the upcoming G-20 meeting in Brazil should try to build a consensus on the issue of charging a two percent tax on the wealth of the rich.

A minimum tax of two per cent on billionaires may seem imaginary in today's circumstances, but 10 years ago it also seemed imaginary that tax officials of Swiss banks would share information about tax liability with governments, but today this information has become a main weapon in fighting tax evasion. It has been made.

The report suggested that a minimum two percent tax should also be imposed on multinational companies. Following global efforts to curb tax evasion, the world's billionaires are now mainly investing in property.