STRESA (Italy), May 24 — France’s finance minister said today he was "determined” to make progress on a global wealth tax, despite US opposition to the plan that would redistribute revenue based on climate damage.

"I am totally determined to move forward” on the controversial subject, said Finance Minister Bruno Le Maire on the sidelines of the G7 Finance Summit in Stresa, northern Italy.

Yesterday, US Treasury Secretary Janet Yellen, also attending the G7 meeting, voiced opposition to the plan that has been championed by Brazil during its presidency of the G20.

Yellen said she was opposed to "this particular formulation” that would redistribute proceeds among countries based on their exposure to climate-related damage.

Le Maire suggested that progress was possible despite US opposition.

"It was the same thing the United States said when it came to taxing digital giants,” he said, referring to an OECD plan aimed at a fairer distribution of tax revenues of multinationals.

"In the end, we managed to reach an agreement.”

He also cited initial disagreements over the minimum 15 per cent tax on corporate profits for multinationals.

"I hope it will be the same (with the global wealth tax) because it’s the missing piece of the puzzle,” he added.

"My ambition has always been a global reform of the international tax system: digital, which escapes taxation, minimum corporate tax to avoid tax evasion and taxation,” Le Maire said. — AFP