DStv Channel 403 Wednesday, 04 December 2024

Calls for billionaires to face minimum tax rate

BRUSSELS - Billionaires should face a minimum tax rate.

That's according to the latest report from the EU Tax Observatory.

The report found that some of the world's mega-wealthy are paying little to no tax because they use complex business structures for tax avoidance.

These business structures include shell companies to avoid paying income tax.

The EU Tax Observatory suggested a minimum 2 percent tax rate on a billionaire's wealth.

The current tax rate is equal to about 0 to 0.5 percent of wealth.

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