Corporate wealth tax in G20 countries

That this House welcomes the report by academics Emmanuel Saez and Gabriel Zucman from Berkeley University proposing a new Corporate Wealth Tax policy targeting all publicly listed companies in G20 countries; notes that that proposed policy would levy a 0.2 per cent tax on the value of stocks of relevant companies; further notes that the current stock capitalisation of G20 countries is estimated at $90 trillion, therefore notes that that proposed levy would raise approximately $180 billion; notes that that proposed tax could be paid via the issuing of new stock, easing concerns about potential liquidity issues or impact on business operations; supports the idea of addressing fair taxation of large multinational companies on an international basis as the best way of helping governments tackle global tax evasion and avoidance; believes that the aftermath of the covid-19 pandemic must see combined efforts by governments to address the imbalances, further exacerbated by the covid-19 pandemic, of globalisation which currently heavily favours the forces of capital; and calls on the Government to bring those proposals before the other G20 states and make the case for rapidly introducing that policy.