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"We need sustainable sources of revenue that do
not rely on further taxing workers' wages and exacerbating the
economic disparities that we are all committed to reducing,"
Yellen said in remarks prepared for delivery to Eurogroup
finance ministers.
"We need to put an end to corporations shifting capital income
to low tax jurisdictions, and to accounting gimmicks that allow
them to avoid paying their fair share."
The race to the bottom must end, she said.
Irish finance minister Paschal Donohoe, who chairs the Eurogroup
of euro zone finance ministers, maintained his reservation about
a global minimum corporate tax rate in a meeting with Yellen,
his spokesperson said.
The European Commission said on Monday that it will delay its
own planned levy on digital services to focus on the global tax
deal, final details of which have to be agreed in October.
The EU has been under pressure from the U.S. administration,
which wants existing national digital service taxes to be
repealed as part of the global overhaul of cross-border
corporate taxation.
Yellen said that the fiscal response of the EU and its members
to the COVID-19 pandemic had been "decisive and unprecedented",
with a rapid response also from the European Central Bank.
"I think we all agree that uncertainty remains high. In this
context, it is important that the fiscal stance remain
supportive through 2022," she said.
She added that EU member states should also "seriously consider"
additional fiscal measures to ensure a robust domestic and
global recovery.
(Reporting by David Lawder, Editing by Philip Blenkinsop, Gareth
Jones and Catherine Evans)
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