AGL 37.85 Decreased By ▼ -0.24 (-0.63%)
AIRLINK 143.50 Increased By ▲ 1.03 (0.72%)
BOP 9.11 Increased By ▲ 0.10 (1.11%)
CNERGY 6.21 Increased By ▲ 0.49 (8.57%)
DCL 9.45 Increased By ▲ 0.21 (2.27%)
DFML 39.60 Increased By ▲ 0.16 (0.41%)
DGKC 90.40 Increased By ▲ 1.09 (1.22%)
FCCL 38.80 Increased By ▲ 0.26 (0.67%)
FFBL 77.55 Increased By ▲ 0.11 (0.14%)
FFL 13.80 Increased By ▲ 0.18 (1.32%)
HUBC 110.00 Increased By ▲ 0.71 (0.65%)
HUMNL 15.25 Increased By ▲ 0.12 (0.79%)
KEL 5.80 Increased By ▲ 0.02 (0.35%)
KOSM 8.29 Increased By ▲ 0.09 (1.1%)
MLCF 45.05 Increased By ▲ 0.52 (1.17%)
NBP 75.05 Increased By ▲ 1.43 (1.94%)
OGDC 191.70 Decreased By ▼ -0.06 (-0.03%)
PAEL 28.05 Increased By ▲ 0.34 (1.23%)
PIBTL 8.04 Increased By ▲ 0.05 (0.63%)
PPL 167.50 Increased By ▲ 0.33 (0.2%)
PRL 27.20 Increased By ▲ 0.37 (1.38%)
PTC 20.50 Decreased By ▼ -0.19 (-0.92%)
SEARL 97.50 Decreased By ▼ -0.03 (-0.03%)
TELE 8.27 Increased By ▲ 0.06 (0.73%)
TOMCL 35.47 Increased By ▲ 0.47 (1.34%)
TPLP 10.10 Increased By ▲ 0.20 (2.02%)
TREET 17.58 Increased By ▲ 0.23 (1.33%)
TRG 61.50 Increased By ▲ 0.50 (0.82%)
UNITY 32.00 Increased By ▲ 0.36 (1.14%)
WTL 1.50 Increased By ▲ 0.04 (2.74%)
BR100 11,096 No Change 0 (0%)
BR30 33,255 No Change 0 (0%)
KSE100 103,585 Increased By 310.1 (0.3%)
KSE30 32,028 Increased By 59 (0.18%)

LONDON: More than 80 millionaires on Monday urged governments around the world to tax the super-wealthy much more to help fund the global recovery from the coronavirus outbreak.

In an open letter, the group, calling themselves "Millionaires for Humanity", said they should be taxed higher, "immediately, substantially, permanently".

Signatories, included Ben and Jerry's ice cream co-founder Jerry Greenfield, the screenwriter Richard Curtis and filmmaker Abigail Disney.

US entrepreneur Sidney Topol and New Zealand retailer Stephen Tindall also signed.

"As COVID-19 strikes the world, millionaires like us have a critical role to play in healing our world," the letter read.

"No, we are not the ones caring for the sick in intensive care wards.

"We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door to door.

"But we do have money, lots of it. Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovers from this crisis."

The letter was published before the forthcoming meeting of G20 finance ministers.

As countries scramble to respond to the economic impact of the global pandemic, some have already mooted introducing higher taxes.

In the UK, the Institute of Fiscal Studies think-tank has said higher taxes were inevitable for many, not just the super-wealthy.

Earlier this month, Spanish Prime Minister Pedro Sanchez indicated his government could introduce higher taxes and Russia will also target higher earners.

Saudi Arabia has increased sales tax to offset the repercussions of the virus and a slump in oil prices.

The "Millionaires for Humanity" letter was a collaboration between groups including Oxfam, Tax Justice UK and the Patriotic Millionaires of high-net worth US individuals.

Comments

Comments are closed.