G20 finance ministers announced their decision to collaborate on higher taxation for the wealthiest individuals at the conclusion of their summit in Rio de Janeiro, Brazil. The decision was welcomed by IMF Managing Director Kristalina Georgieva.

According to the final communiqué adopted, G20 countries pledged to "collaborate" so that the wealthiest individuals are taxed more. However, they stopped short of agreeing on a global tax rate.

With "absolute respect" for "national sovereignty in tax matters," the members of the group of the world's twenty most developed economies agreed to "work together" to ensure "that those with the greatest wealth contribute more" within the framework of fairer tax systems and societies, according to the announcement released by Brazil, the country holding the G20 presidency.

IMF Managing Director Kristalina Georgieva praised the G20's stance on "tax fairness," calling the decision "timely" and "welcome."

"The G20 ministers' shared vision for progressive taxation is timely and welcome, as the need to restore fiscal space while addressing social and developmental needs involves tough decisions in many countries," said Kristalina Georgieva in a press release. In her view, "promoting tax fairness will help ensure the social acceptance of these decisions."