ISLAMABAD: Oxfam has proposed imposition of wealth tax of 2 to 5 per cent on Asia-Pacific’s multi-millionaires and billionaires that could raise an additional $776.5 billion every year to increase public spending on health in the region by 60pc.
The world’s charity organisation, which focuses on the alleviation of global poverty, says in a report ‘Rising to the Challenge’ that Asia’s richest 1pc now own more wealth than the poorest 90pc.
The impact of Covid-19 combined with the existing inequality has set back equitable development in the region by decades. Existing economic policies are rigged in the favour of the wealthy, allowing them to accumulate incredible amounts of wealth, while narrowing the chances of the poorest to catch up, says the report.
Published in Dawn, January 14th, 2022