CICTAR’s Livi Gerbase points to billions in lost revenue from super-rich in major Brazilian newspaper

Written By Patrick Orr
Livi Gerbase of CICTAR presents research on dividends tax to G20 civil society meeting

Over the past five years, five billionaire families have accrued 4 billion USD in untaxed dividends in Brazil. Because Brazil lacks taxes on dividends, unlike most G20 countries, this equates to over a billion dollars in lost revenue, if it were to be taxed at the average rate in Europe.

 This finding, calculated by CICTAR researcher, Livi Gerbase, and presented to a recent G20 civil society meeting, shows the desperate need for a wealth tax in Brazil, together with coordinated global action to make the super-rich pay their fair share. Gerbase, writing with Nathalie Beghin of Brazilian NGO, INESC, in Folha de São Paulo, highlights the urgency of addressing these untaxed dividends in Brazil to tackle the massive inequalities in the country.

The two authors point to the recent proposal, made to G20 finance ministers, by French economist Gabriel Zucman, which calls for a 2% annual wealth tax on a small group of 3,000 billionaires worldwide. The Brazilian presidency has swung its weight behind the measure, which is estimated to bring in 250 billion USD worldwide.

You can read the opinion piece on the Folha de São Paulo website.

Patrick Orr
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